Interest-Only Mortgage Calculator

An interest-only mortgage charges only the interest for an opening period, so the payment is small and the balance does not move. Enter the loan amount, the rate and how long that period runs inside the full term, and this returns both payments: the one you make while it lasts and the larger one that starts when the whole balance has to be repaid over the years left. It also totals the interest and compares the loan against the same amount fully amortising from day one. A second mode gives the interest-only payment on its own, which is useful while a lender is still quoting.