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Interest Only Loan Calculator to calculate monthly payment for your mortgage and generates an interest only amortization schedule excel spreadsheet. The interest only amortization calculator has an amortization schedule that shows you everything you need to know about the loan and payment.
Mortgage Calculator Results |
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Mortgage Amount: |
$420,000.00 | |||||
Monthly Payment: |
$1,452.50 for 72 payments $2,305.52 for 288 payments |
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Interest Only Terms: |
6 years | |||||
Total Terms: |
30 years | |||||
Total # Of Payments: |
360 | |||||
Start Date: |
Nov, 2024 | |||||
Payoff Date: |
Oct, 2054 | |||||
Total Interest Paid: |
$348,567.67 | |||||
Total Payment: |
$768,569.76 | |||||
Interest Only Amortization Schedule |
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Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
---|---|---|---|---|---|---|
Nov, 2024 | 1 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Dec, 2024 | 2 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jan, 2025 | 3 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Feb, 2025 | 4 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Mar, 2025 | 5 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Apr, 2025 | 6 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
May, 2025 | 7 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jun, 2025 | 8 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jul, 2025 | 9 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Aug, 2025 | 10 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Sep, 2025 | 11 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Oct, 2025 | 12 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Nov, 2025 | 13 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Dec, 2025 | 14 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jan, 2026 | 15 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Feb, 2026 | 16 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Mar, 2026 | 17 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Apr, 2026 | 18 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
May, 2026 | 19 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jun, 2026 | 20 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jul, 2026 | 21 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Aug, 2026 | 22 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Sep, 2026 | 23 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Oct, 2026 | 24 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Nov, 2026 | 25 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Dec, 2026 | 26 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jan, 2027 | 27 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Feb, 2027 | 28 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Mar, 2027 | 29 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Apr, 2027 | 30 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
May, 2027 | 31 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jun, 2027 | 32 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jul, 2027 | 33 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Aug, 2027 | 34 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Sep, 2027 | 35 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Oct, 2027 | 36 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Nov, 2027 | 37 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Dec, 2027 | 38 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jan, 2028 | 39 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Feb, 2028 | 40 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Mar, 2028 | 41 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Apr, 2028 | 42 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
May, 2028 | 43 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jun, 2028 | 44 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jul, 2028 | 45 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Aug, 2028 | 46 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Sep, 2028 | 47 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Oct, 2028 | 48 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Nov, 2028 | 49 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Dec, 2028 | 50 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jan, 2029 | 51 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Feb, 2029 | 52 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Mar, 2029 | 53 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Apr, 2029 | 54 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
May, 2029 | 55 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jun, 2029 | 56 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jul, 2029 | 57 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Aug, 2029 | 58 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Sep, 2029 | 59 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Oct, 2029 | 60 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Nov, 2029 | 61 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Dec, 2029 | 62 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jan, 2030 | 63 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Feb, 2030 | 64 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Mar, 2030 | 65 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Apr, 2030 | 66 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
May, 2030 | 67 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jun, 2030 | 68 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Jul, 2030 | 69 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Aug, 2030 | 70 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Sep, 2030 | 71 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Oct, 2030 | 72 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
Nov, 2030 | 73 | $1,452.50 | $853.02 | $2,305.52 | $419,146.98 | |
Dec, 2030 | 74 | $1,449.55 | $855.97 | $2,305.52 | $418,291.01 | |
Jan, 2031 | 75 | $1,446.59 | $858.93 | $2,305.52 | $417,432.08 | |
Feb, 2031 | 76 | $1,443.62 | $861.90 | $2,305.52 | $416,570.18 | |
Mar, 2031 | 77 | $1,440.64 | $864.88 | $2,305.52 | $415,705.30 | |
Apr, 2031 | 78 | $1,437.65 | $867.87 | $2,305.52 | $414,837.43 | |
May, 2031 | 79 | $1,434.65 | $870.87 | $2,305.52 | $413,966.56 | |
Jun, 2031 | 80 | $1,431.63 | $873.89 | $2,305.52 | $413,092.67 | |
Jul, 2031 | 81 | $1,428.61 | $876.91 | $2,305.52 | $412,215.76 | |
Aug, 2031 | 82 | $1,425.58 | $879.94 | $2,305.52 | $411,335.82 | |
Sep, 2031 | 83 | $1,422.54 | $882.98 | $2,305.52 | $410,452.84 | |
Oct, 2031 | 84 | $1,419.48 | $886.04 | $2,305.52 | $409,566.80 | |
Nov, 2031 | 85 | $1,416.42 | $889.10 | $2,305.52 | $408,677.70 | |
Dec, 2031 | 86 | $1,413.34 | $892.18 | $2,305.52 | $407,785.52 | |
Jan, 2032 | 87 | $1,410.26 | $895.26 | $2,305.52 | $406,890.26 | |
Feb, 2032 | 88 | $1,407.16 | $898.36 | $2,305.52 | $405,991.90 | |
Mar, 2032 | 89 | $1,404.06 | $901.46 | $2,305.52 | $405,090.44 | |
Apr, 2032 | 90 | $1,400.94 | $904.58 | $2,305.52 | $404,185.86 | |
May, 2032 | 91 | $1,397.81 | $907.71 | $2,305.52 | $403,278.15 | |
Jun, 2032 | 92 | $1,394.67 | $910.85 | $2,305.52 | $402,367.30 | |
Jul, 2032 | 93 | $1,391.52 | $914.00 | $2,305.52 | $401,453.30 | |
Aug, 2032 | 94 | $1,388.36 | $917.16 | $2,305.52 | $400,536.14 | |
Sep, 2032 | 95 | $1,385.19 | $920.33 | $2,305.52 | $399,615.81 | |
Oct, 2032 | 96 | $1,382.00 | $923.52 | $2,305.52 | $398,692.29 | |
Nov, 2032 | 97 | $1,378.81 | $926.71 | $2,305.52 | $397,765.58 | |
Dec, 2032 | 98 | $1,375.61 | $929.91 | $2,305.52 | $396,835.67 | |
Jan, 2033 | 99 | $1,372.39 | $933.13 | $2,305.52 | $395,902.54 | |
Feb, 2033 | 100 | $1,369.16 | $936.36 | $2,305.52 | $394,966.18 | |
Mar, 2033 | 101 | $1,365.92 | $939.60 | $2,305.52 | $394,026.58 | |
Apr, 2033 | 102 | $1,362.68 | $942.84 | $2,305.52 | $393,083.74 | |
May, 2033 | 103 | $1,359.41 | $946.11 | $2,305.52 | $392,137.63 | |
Jun, 2033 | 104 | $1,356.14 | $949.38 | $2,305.52 | $391,188.25 | |
Jul, 2033 | 105 | $1,352.86 | $952.66 | $2,305.52 | $390,235.59 | |
Aug, 2033 | 106 | $1,349.56 | $955.96 | $2,305.52 | $389,279.63 | |
Sep, 2033 | 107 | $1,346.26 | $959.26 | $2,305.52 | $388,320.37 | |
Oct, 2033 | 108 | $1,342.94 | $962.58 | $2,305.52 | $387,357.79 | |
Nov, 2033 | 109 | $1,339.61 | $965.91 | $2,305.52 | $386,391.88 | |
Dec, 2033 | 110 | $1,336.27 | $969.25 | $2,305.52 | $385,422.63 | |
Jan, 2034 | 111 | $1,332.92 | $972.60 | $2,305.52 | $384,450.03 | |
Feb, 2034 | 112 | $1,329.56 | $975.96 | $2,305.52 | $383,474.07 | |
Mar, 2034 | 113 | $1,326.18 | $979.34 | $2,305.52 | $382,494.73 | |
Apr, 2034 | 114 | $1,322.79 | $982.73 | $2,305.52 | $381,512.00 | |
May, 2034 | 115 | $1,319.40 | $986.12 | $2,305.52 | $380,525.88 | |
Jun, 2034 | 116 | $1,315.99 | $989.53 | $2,305.52 | $379,536.35 | |
Jul, 2034 | 117 | $1,312.56 | $992.96 | $2,305.52 | $378,543.39 | |
Aug, 2034 | 118 | $1,309.13 | $996.39 | $2,305.52 | $377,547.00 | |
Sep, 2034 | 119 | $1,305.68 | $999.84 | $2,305.52 | $376,547.16 | |
Oct, 2034 | 120 | $1,302.23 | $1,003.29 | $2,305.52 | $375,543.87 | |
Nov, 2034 | 121 | $1,298.76 | $1,006.76 | $2,305.52 | $374,537.11 | |
Dec, 2034 | 122 | $1,295.27 | $1,010.25 | $2,305.52 | $373,526.86 | |
Jan, 2035 | 123 | $1,291.78 | $1,013.74 | $2,305.52 | $372,513.12 | |
Feb, 2035 | 124 | $1,288.27 | $1,017.25 | $2,305.52 | $371,495.87 | |
Mar, 2035 | 125 | $1,284.76 | $1,020.76 | $2,305.52 | $370,475.11 | |
Apr, 2035 | 126 | $1,281.23 | $1,024.29 | $2,305.52 | $369,450.82 | |
May, 2035 | 127 | $1,277.68 | $1,027.84 | $2,305.52 | $368,422.98 | |
Jun, 2035 | 128 | $1,274.13 | $1,031.39 | $2,305.52 | $367,391.59 | |
Jul, 2035 | 129 | $1,270.56 | $1,034.96 | $2,305.52 | $366,356.63 | |
Aug, 2035 | 130 | $1,266.98 | $1,038.54 | $2,305.52 | $365,318.09 | |
Sep, 2035 | 131 | $1,263.39 | $1,042.13 | $2,305.52 | $364,275.96 | |
Oct, 2035 | 132 | $1,259.79 | $1,045.73 | $2,305.52 | $363,230.23 | |
Nov, 2035 | 133 | $1,256.17 | $1,049.35 | $2,305.52 | $362,180.88 | |
Dec, 2035 | 134 | $1,252.54 | $1,052.98 | $2,305.52 | $361,127.90 | |
Jan, 2036 | 135 | $1,248.90 | $1,056.62 | $2,305.52 | $360,071.28 | |
Feb, 2036 | 136 | $1,245.25 | $1,060.27 | $2,305.52 | $359,011.01 | |
Mar, 2036 | 137 | $1,241.58 | $1,063.94 | $2,305.52 | $357,947.07 | |
Apr, 2036 | 138 | $1,237.90 | $1,067.62 | $2,305.52 | $356,879.45 | |
May, 2036 | 139 | $1,234.21 | $1,071.31 | $2,305.52 | $355,808.14 | |
Jun, 2036 | 140 | $1,230.50 | $1,075.02 | $2,305.52 | $354,733.12 | |
Jul, 2036 | 141 | $1,226.79 | $1,078.73 | $2,305.52 | $353,654.39 | |
Aug, 2036 | 142 | $1,223.05 | $1,082.47 | $2,305.52 | $352,571.92 | |
Sep, 2036 | 143 | $1,219.31 | $1,086.21 | $2,305.52 | $351,485.71 | |
Oct, 2036 | 144 | $1,215.55 | $1,089.97 | $2,305.52 | $350,395.74 | |
Nov, 2036 | 145 | $1,211.79 | $1,093.73 | $2,305.52 | $349,302.01 | |
Dec, 2036 | 146 | $1,208.00 | $1,097.52 | $2,305.52 | $348,204.49 | |
Jan, 2037 | 147 | $1,204.21 | $1,101.31 | $2,305.52 | $347,103.18 | |
Feb, 2037 | 148 | $1,200.40 | $1,105.12 | $2,305.52 | $345,998.06 | |
Mar, 2037 | 149 | $1,196.58 | $1,108.94 | $2,305.52 | $344,889.12 | |
Apr, 2037 | 150 | $1,192.74 | $1,112.78 | $2,305.52 | $343,776.34 | |
May, 2037 | 151 | $1,188.89 | $1,116.63 | $2,305.52 | $342,659.71 | |
Jun, 2037 | 152 | $1,185.03 | $1,120.49 | $2,305.52 | $341,539.22 | |
Jul, 2037 | 153 | $1,181.16 | $1,124.36 | $2,305.52 | $340,414.86 | |
Aug, 2037 | 154 | $1,177.27 | $1,128.25 | $2,305.52 | $339,286.61 | |
Sep, 2037 | 155 | $1,173.37 | $1,132.15 | $2,305.52 | $338,154.46 | |
Oct, 2037 | 156 | $1,169.45 | $1,136.07 | $2,305.52 | $337,018.39 | |
Nov, 2037 | 157 | $1,165.52 | $1,140.00 | $2,305.52 | $335,878.39 | |
Dec, 2037 | 158 | $1,161.58 | $1,143.94 | $2,305.52 | $334,734.45 | |
Jan, 2038 | 159 | $1,157.62 | $1,147.90 | $2,305.52 | $333,586.55 | |
Feb, 2038 | 160 | $1,153.65 | $1,151.87 | $2,305.52 | $332,434.68 | |
Mar, 2038 | 161 | $1,149.67 | $1,155.85 | $2,305.52 | $331,278.83 | |
Apr, 2038 | 162 | $1,145.67 | $1,159.85 | $2,305.52 | $330,118.98 | |
May, 2038 | 163 | $1,141.66 | $1,163.86 | $2,305.52 | $328,955.12 | |
Jun, 2038 | 164 | $1,137.64 | $1,167.88 | $2,305.52 | $327,787.24 | |
Jul, 2038 | 165 | $1,133.60 | $1,171.92 | $2,305.52 | $326,615.32 | |
Aug, 2038 | 166 | $1,129.54 | $1,175.98 | $2,305.52 | $325,439.34 | |
Sep, 2038 | 167 | $1,125.48 | $1,180.04 | $2,305.52 | $324,259.30 | |
Oct, 2038 | 168 | $1,121.40 | $1,184.12 | $2,305.52 | $323,075.18 | |
Nov, 2038 | 169 | $1,117.30 | $1,188.22 | $2,305.52 | $321,886.96 | |
Dec, 2038 | 170 | $1,113.19 | $1,192.33 | $2,305.52 | $320,694.63 | |
Jan, 2039 | 171 | $1,109.07 | $1,196.45 | $2,305.52 | $319,498.18 | |
Feb, 2039 | 172 | $1,104.93 | $1,200.59 | $2,305.52 | $318,297.59 | |
Mar, 2039 | 173 | $1,100.78 | $1,204.74 | $2,305.52 | $317,092.85 | |
Apr, 2039 | 174 | $1,096.61 | $1,208.91 | $2,305.52 | $315,883.94 | |
May, 2039 | 175 | $1,092.43 | $1,213.09 | $2,305.52 | $314,670.85 | |
Jun, 2039 | 176 | $1,088.24 | $1,217.28 | $2,305.52 | $313,453.57 | |
Jul, 2039 | 177 | $1,084.03 | $1,221.49 | $2,305.52 | $312,232.08 | |
Aug, 2039 | 178 | $1,079.80 | $1,225.72 | $2,305.52 | $311,006.36 | |
Sep, 2039 | 179 | $1,075.56 | $1,229.96 | $2,305.52 | $309,776.40 | |
Oct, 2039 | 180 | $1,071.31 | $1,234.21 | $2,305.52 | $308,542.19 | |
Nov, 2039 | 181 | $1,067.04 | $1,238.48 | $2,305.52 | $307,303.71 | |
Dec, 2039 | 182 | $1,062.76 | $1,242.76 | $2,305.52 | $306,060.95 | |
Jan, 2040 | 183 | $1,058.46 | $1,247.06 | $2,305.52 | $304,813.89 | |
Feb, 2040 | 184 | $1,054.15 | $1,251.37 | $2,305.52 | $303,562.52 | |
Mar, 2040 | 185 | $1,049.82 | $1,255.70 | $2,305.52 | $302,306.82 | |
Apr, 2040 | 186 | $1,045.48 | $1,260.04 | $2,305.52 | $301,046.78 | |
May, 2040 | 187 | $1,041.12 | $1,264.40 | $2,305.52 | $299,782.38 | |
Jun, 2040 | 188 | $1,036.75 | $1,268.77 | $2,305.52 | $298,513.61 | |
Jul, 2040 | 189 | $1,032.36 | $1,273.16 | $2,305.52 | $297,240.45 | |
Aug, 2040 | 190 | $1,027.96 | $1,277.56 | $2,305.52 | $295,962.89 | |
Sep, 2040 | 191 | $1,023.54 | $1,281.98 | $2,305.52 | $294,680.91 | |
Oct, 2040 | 192 | $1,019.10 | $1,286.42 | $2,305.52 | $293,394.49 | |
Nov, 2040 | 193 | $1,014.66 | $1,290.86 | $2,305.52 | $292,103.63 | |
Dec, 2040 | 194 | $1,010.19 | $1,295.33 | $2,305.52 | $290,808.30 | |
Jan, 2041 | 195 | $1,005.71 | $1,299.81 | $2,305.52 | $289,508.49 | |
Feb, 2041 | 196 | $1,001.22 | $1,304.30 | $2,305.52 | $288,204.19 | |
Mar, 2041 | 197 | $996.71 | $1,308.81 | $2,305.52 | $286,895.38 | |
Apr, 2041 | 198 | $992.18 | $1,313.34 | $2,305.52 | $285,582.04 | |
May, 2041 | 199 | $987.64 | $1,317.88 | $2,305.52 | $284,264.16 | |
Jun, 2041 | 200 | $983.08 | $1,322.44 | $2,305.52 | $282,941.72 | |
Jul, 2041 | 201 | $978.51 | $1,327.01 | $2,305.52 | $281,614.71 | |
Aug, 2041 | 202 | $973.92 | $1,331.60 | $2,305.52 | $280,283.11 | |
Sep, 2041 | 203 | $969.31 | $1,336.21 | $2,305.52 | $278,946.90 | |
Oct, 2041 | 204 | $964.69 | $1,340.83 | $2,305.52 | $277,606.07 | |
Nov, 2041 | 205 | $960.05 | $1,345.47 | $2,305.52 | $276,260.60 | |
Dec, 2041 | 206 | $955.40 | $1,350.12 | $2,305.52 | $274,910.48 | |
Jan, 2042 | 207 | $950.73 | $1,354.79 | $2,305.52 | $273,555.69 | |
Feb, 2042 | 208 | $946.05 | $1,359.47 | $2,305.52 | $272,196.22 | |
Mar, 2042 | 209 | $941.35 | $1,364.17 | $2,305.52 | $270,832.05 | |
Apr, 2042 | 210 | $936.63 | $1,368.89 | $2,305.52 | $269,463.16 | |
May, 2042 | 211 | $931.89 | $1,373.63 | $2,305.52 | $268,089.53 | |
Jun, 2042 | 212 | $927.14 | $1,378.38 | $2,305.52 | $266,711.15 | |
Jul, 2042 | 213 | $922.38 | $1,383.14 | $2,305.52 | $265,328.01 | |
Aug, 2042 | 214 | $917.59 | $1,387.93 | $2,305.52 | $263,940.08 | |
Sep, 2042 | 215 | $912.79 | $1,392.73 | $2,305.52 | $262,547.35 | |
Oct, 2042 | 216 | $907.98 | $1,397.54 | $2,305.52 | $261,149.81 | |
Nov, 2042 | 217 | $903.14 | $1,402.38 | $2,305.52 | $259,747.43 | |
Dec, 2042 | 218 | $898.29 | $1,407.23 | $2,305.52 | $258,340.20 | |
Jan, 2043 | 219 | $893.43 | $1,412.09 | $2,305.52 | $256,928.11 | |
Feb, 2043 | 220 | $888.54 | $1,416.98 | $2,305.52 | $255,511.13 | |
Mar, 2043 | 221 | $883.64 | $1,421.88 | $2,305.52 | $254,089.25 | |
Apr, 2043 | 222 | $878.73 | $1,426.79 | $2,305.52 | $252,662.46 | |
May, 2043 | 223 | $873.79 | $1,431.73 | $2,305.52 | $251,230.73 | |
Jun, 2043 | 224 | $868.84 | $1,436.68 | $2,305.52 | $249,794.05 | |
Jul, 2043 | 225 | $863.87 | $1,441.65 | $2,305.52 | $248,352.40 | |
Aug, 2043 | 226 | $858.89 | $1,446.63 | $2,305.52 | $246,905.77 | |
Sep, 2043 | 227 | $853.88 | $1,451.64 | $2,305.52 | $245,454.13 | |
Oct, 2043 | 228 | $848.86 | $1,456.66 | $2,305.52 | $243,997.47 | |
Nov, 2043 | 229 | $843.82 | $1,461.70 | $2,305.52 | $242,535.77 | |
Dec, 2043 | 230 | $838.77 | $1,466.75 | $2,305.52 | $241,069.02 | |
Jan, 2044 | 231 | $833.70 | $1,471.82 | $2,305.52 | $239,597.20 | |
Feb, 2044 | 232 | $828.61 | $1,476.91 | $2,305.52 | $238,120.29 | |
Mar, 2044 | 233 | $823.50 | $1,482.02 | $2,305.52 | $236,638.27 | |
Apr, 2044 | 234 | $818.37 | $1,487.15 | $2,305.52 | $235,151.12 | |
May, 2044 | 235 | $813.23 | $1,492.29 | $2,305.52 | $233,658.83 | |
Jun, 2044 | 236 | $808.07 | $1,497.45 | $2,305.52 | $232,161.38 | |
Jul, 2044 | 237 | $802.89 | $1,502.63 | $2,305.52 | $230,658.75 | |
Aug, 2044 | 238 | $797.69 | $1,507.83 | $2,305.52 | $229,150.92 | |
Sep, 2044 | 239 | $792.48 | $1,513.04 | $2,305.52 | $227,637.88 | |
Oct, 2044 | 240 | $787.25 | $1,518.27 | $2,305.52 | $226,119.61 | |
Nov, 2044 | 241 | $782.00 | $1,523.52 | $2,305.52 | $224,596.09 | |
Dec, 2044 | 242 | $776.73 | $1,528.79 | $2,305.52 | $223,067.30 | |
Jan, 2045 | 243 | $771.44 | $1,534.08 | $2,305.52 | $221,533.22 | |
Feb, 2045 | 244 | $766.14 | $1,539.38 | $2,305.52 | $219,993.84 | |
Mar, 2045 | 245 | $760.81 | $1,544.71 | $2,305.52 | $218,449.13 | |
Apr, 2045 | 246 | $755.47 | $1,550.05 | $2,305.52 | $216,899.08 | |
May, 2045 | 247 | $750.11 | $1,555.41 | $2,305.52 | $215,343.67 | |
Jun, 2045 | 248 | $744.73 | $1,560.79 | $2,305.52 | $213,782.88 | |
Jul, 2045 | 249 | $739.33 | $1,566.19 | $2,305.52 | $212,216.69 | |
Aug, 2045 | 250 | $733.92 | $1,571.60 | $2,305.52 | $210,645.09 | |
Sep, 2045 | 251 | $728.48 | $1,577.04 | $2,305.52 | $209,068.05 | |
Oct, 2045 | 252 | $723.03 | $1,582.49 | $2,305.52 | $207,485.56 | |
Nov, 2045 | 253 | $717.55 | $1,587.97 | $2,305.52 | $205,897.59 | |
Dec, 2045 | 254 | $712.06 | $1,593.46 | $2,305.52 | $204,304.13 | |
Jan, 2046 | 255 | $706.55 | $1,598.97 | $2,305.52 | $202,705.16 | |
Feb, 2046 | 256 | $701.02 | $1,604.50 | $2,305.52 | $201,100.66 | |
Mar, 2046 | 257 | $695.47 | $1,610.05 | $2,305.52 | $199,490.61 | |
Apr, 2046 | 258 | $689.91 | $1,615.61 | $2,305.52 | $197,875.00 | |
May, 2046 | 259 | $684.32 | $1,621.20 | $2,305.52 | $196,253.80 | |
Jun, 2046 | 260 | $678.71 | $1,626.81 | $2,305.52 | $194,626.99 | |
Jul, 2046 | 261 | $673.09 | $1,632.43 | $2,305.52 | $192,994.56 | |
Aug, 2046 | 262 | $667.44 | $1,638.08 | $2,305.52 | $191,356.48 | |
Sep, 2046 | 263 | $661.77 | $1,643.75 | $2,305.52 | $189,712.73 | |
Oct, 2046 | 264 | $656.09 | $1,649.43 | $2,305.52 | $188,063.30 | |
Nov, 2046 | 265 | $650.39 | $1,655.13 | $2,305.52 | $186,408.17 | |
Dec, 2046 | 266 | $644.66 | $1,660.86 | $2,305.52 | $184,747.31 | |
Jan, 2047 | 267 | $638.92 | $1,666.60 | $2,305.52 | $183,080.71 | |
Feb, 2047 | 268 | $633.15 | $1,672.37 | $2,305.52 | $181,408.34 | |
Mar, 2047 | 269 | $627.37 | $1,678.15 | $2,305.52 | $179,730.19 | |
Apr, 2047 | 270 | $621.57 | $1,683.95 | $2,305.52 | $178,046.24 | |
May, 2047 | 271 | $615.74 | $1,689.78 | $2,305.52 | $176,356.46 | |
Jun, 2047 | 272 | $609.90 | $1,695.62 | $2,305.52 | $174,660.84 | |
Jul, 2047 | 273 | $604.04 | $1,701.48 | $2,305.52 | $172,959.36 | |
Aug, 2047 | 274 | $598.15 | $1,707.37 | $2,305.52 | $171,251.99 | |
Sep, 2047 | 275 | $592.25 | $1,713.27 | $2,305.52 | $169,538.72 | |
Oct, 2047 | 276 | $586.32 | $1,719.20 | $2,305.52 | $167,819.52 | |
Nov, 2047 | 277 | $580.38 | $1,725.14 | $2,305.52 | $166,094.38 | |
Dec, 2047 | 278 | $574.41 | $1,731.11 | $2,305.52 | $164,363.27 | |
Jan, 2048 | 279 | $568.42 | $1,737.10 | $2,305.52 | $162,626.17 | |
Feb, 2048 | 280 | $562.42 | $1,743.10 | $2,305.52 | $160,883.07 | |
Mar, 2048 | 281 | $556.39 | $1,749.13 | $2,305.52 | $159,133.94 | |
Apr, 2048 | 282 | $550.34 | $1,755.18 | $2,305.52 | $157,378.76 | |
May, 2048 | 283 | $544.27 | $1,761.25 | $2,305.52 | $155,617.51 | |
Jun, 2048 | 284 | $538.18 | $1,767.34 | $2,305.52 | $153,850.17 | |
Jul, 2048 | 285 | $532.07 | $1,773.45 | $2,305.52 | $152,076.72 | |
Aug, 2048 | 286 | $525.93 | $1,779.59 | $2,305.52 | $150,297.13 | |
Sep, 2048 | 287 | $519.78 | $1,785.74 | $2,305.52 | $148,511.39 | |
Oct, 2048 | 288 | $513.60 | $1,791.92 | $2,305.52 | $146,719.47 | |
Nov, 2048 | 289 | $507.40 | $1,798.12 | $2,305.52 | $144,921.35 | |
Dec, 2048 | 290 | $501.19 | $1,804.33 | $2,305.52 | $143,117.02 | |
Jan, 2049 | 291 | $494.95 | $1,810.57 | $2,305.52 | $141,306.45 | |
Feb, 2049 | 292 | $488.68 | $1,816.84 | $2,305.52 | $139,489.61 | |
Mar, 2049 | 293 | $482.40 | $1,823.12 | $2,305.52 | $137,666.49 | |
Apr, 2049 | 294 | $476.10 | $1,829.42 | $2,305.52 | $135,837.07 | |
May, 2049 | 295 | $469.77 | $1,835.75 | $2,305.52 | $134,001.32 | |
Jun, 2049 | 296 | $463.42 | $1,842.10 | $2,305.52 | $132,159.22 | |
Jul, 2049 | 297 | $457.05 | $1,848.47 | $2,305.52 | $130,310.75 | |
Aug, 2049 | 298 | $450.66 | $1,854.86 | $2,305.52 | $128,455.89 | |
Sep, 2049 | 299 | $444.24 | $1,861.28 | $2,305.52 | $126,594.61 | |
Oct, 2049 | 300 | $437.81 | $1,867.71 | $2,305.52 | $124,726.90 | |
Nov, 2049 | 301 | $431.35 | $1,874.17 | $2,305.52 | $122,852.73 | |
Dec, 2049 | 302 | $424.87 | $1,880.65 | $2,305.52 | $120,972.08 | |
Jan, 2050 | 303 | $418.36 | $1,887.16 | $2,305.52 | $119,084.92 | |
Feb, 2050 | 304 | $411.84 | $1,893.68 | $2,305.52 | $117,191.24 | |
Mar, 2050 | 305 | $405.29 | $1,900.23 | $2,305.52 | $115,291.01 | |
Apr, 2050 | 306 | $398.71 | $1,906.81 | $2,305.52 | $113,384.20 | |
May, 2050 | 307 | $392.12 | $1,913.40 | $2,305.52 | $111,470.80 | |
Jun, 2050 | 308 | $385.50 | $1,920.02 | $2,305.52 | $109,550.78 | |
Jul, 2050 | 309 | $378.86 | $1,926.66 | $2,305.52 | $107,624.12 | |
Aug, 2050 | 310 | $372.20 | $1,933.32 | $2,305.52 | $105,690.80 | |
Sep, 2050 | 311 | $365.51 | $1,940.01 | $2,305.52 | $103,750.79 | |
Oct, 2050 | 312 | $358.80 | $1,946.72 | $2,305.52 | $101,804.07 | |
Nov, 2050 | 313 | $352.07 | $1,953.45 | $2,305.52 | $99,850.62 | |
Dec, 2050 | 314 | $345.32 | $1,960.20 | $2,305.52 | $97,890.42 | |
Jan, 2051 | 315 | $338.54 | $1,966.98 | $2,305.52 | $95,923.44 | |
Feb, 2051 | 316 | $331.74 | $1,973.78 | $2,305.52 | $93,949.66 | |
Mar, 2051 | 317 | $324.91 | $1,980.61 | $2,305.52 | $91,969.05 | |
Apr, 2051 | 318 | $318.06 | $1,987.46 | $2,305.52 | $89,981.59 | |
May, 2051 | 319 | $311.19 | $1,994.33 | $2,305.52 | $87,987.26 | |
Jun, 2051 | 320 | $304.29 | $2,001.23 | $2,305.52 | $85,986.03 | |
Jul, 2051 | 321 | $297.37 | $2,008.15 | $2,305.52 | $83,977.88 | |
Aug, 2051 | 322 | $290.42 | $2,015.10 | $2,305.52 | $81,962.78 | |
Sep, 2051 | 323 | $283.45 | $2,022.07 | $2,305.52 | $79,940.71 | |
Oct, 2051 | 324 | $276.46 | $2,029.06 | $2,305.52 | $77,911.65 | |
Nov, 2051 | 325 | $269.44 | $2,036.08 | $2,305.52 | $75,875.57 | |
Dec, 2051 | 326 | $262.40 | $2,043.12 | $2,305.52 | $73,832.45 | |
Jan, 2052 | 327 | $255.34 | $2,050.18 | $2,305.52 | $71,782.27 | |
Feb, 2052 | 328 | $248.25 | $2,057.27 | $2,305.52 | $69,725.00 | |
Mar, 2052 | 329 | $241.13 | $2,064.39 | $2,305.52 | $67,660.61 | |
Apr, 2052 | 330 | $233.99 | $2,071.53 | $2,305.52 | $65,589.08 | |
May, 2052 | 331 | $226.83 | $2,078.69 | $2,305.52 | $63,510.39 | |
Jun, 2052 | 332 | $219.64 | $2,085.88 | $2,305.52 | $61,424.51 | |
Jul, 2052 | 333 | $212.43 | $2,093.09 | $2,305.52 | $59,331.42 | |
Aug, 2052 | 334 | $205.19 | $2,100.33 | $2,305.52 | $57,231.09 | |
Sep, 2052 | 335 | $197.92 | $2,107.60 | $2,305.52 | $55,123.49 | |
Oct, 2052 | 336 | $190.64 | $2,114.88 | $2,305.52 | $53,008.61 | |
Nov, 2052 | 337 | $183.32 | $2,122.20 | $2,305.52 | $50,886.41 | |
Dec, 2052 | 338 | $175.98 | $2,129.54 | $2,305.52 | $48,756.87 | |
Jan, 2053 | 339 | $168.62 | $2,136.90 | $2,305.52 | $46,619.97 | |
Feb, 2053 | 340 | $161.23 | $2,144.29 | $2,305.52 | $44,475.68 | |
Mar, 2053 | 341 | $153.81 | $2,151.71 | $2,305.52 | $42,323.97 | |
Apr, 2053 | 342 | $146.37 | $2,159.15 | $2,305.52 | $40,164.82 | |
May, 2053 | 343 | $138.90 | $2,166.62 | $2,305.52 | $37,998.20 | |
Jun, 2053 | 344 | $131.41 | $2,174.11 | $2,305.52 | $35,824.09 | |
Jul, 2053 | 345 | $123.89 | $2,181.63 | $2,305.52 | $33,642.46 | |
Aug, 2053 | 346 | $116.35 | $2,189.17 | $2,305.52 | $31,453.29 | |
Sep, 2053 | 347 | $108.78 | $2,196.74 | $2,305.52 | $29,256.55 | |
Oct, 2053 | 348 | $101.18 | $2,204.34 | $2,305.52 | $27,052.21 | |
Nov, 2053 | 349 | $93.56 | $2,211.96 | $2,305.52 | $24,840.25 | |
Dec, 2053 | 350 | $85.91 | $2,219.61 | $2,305.52 | $22,620.64 | |
Jan, 2054 | 351 | $78.23 | $2,227.29 | $2,305.52 | $20,393.35 | |
Feb, 2054 | 352 | $70.53 | $2,234.99 | $2,305.52 | $18,158.36 | |
Mar, 2054 | 353 | $62.80 | $2,242.72 | $2,305.52 | $15,915.64 | |
Apr, 2054 | 354 | $55.04 | $2,250.48 | $2,305.52 | $13,665.16 | |
May, 2054 | 355 | $47.26 | $2,258.26 | $2,305.52 | $11,406.90 | |
Jun, 2054 | 356 | $39.45 | $2,266.07 | $2,305.52 | $9,140.83 | |
Jul, 2054 | 357 | $31.61 | $2,273.91 | $2,305.52 | $6,866.92 | |
Aug, 2054 | 358 | $23.75 | $2,281.77 | $2,305.52 | $4,585.15 | |
Sep, 2054 | 359 | $15.86 | $2,289.66 | $2,305.52 | $2,295.49 | |
Oct, 2054 | 360 | $7.94 | $2,297.58 | $2,305.52 | $0.00 |
An interest-only loan is a loan in which the borrower makes only interest payments during an initial period, usually in the first 5 to 10 years. After the initial period, the borrower will then be required to pay off the loan or start making full payments which include principal payments and interest payments.
With an interest-only loan, the borrower doesn't have to pay the principal in the first few years. Therefore, the monthly payments are much lower than a regular loan. However, after the initial interest-only period is over, the monthly payment will rise substantially. The new monthly payment could be thousands higher than the interest-only payments depending on the terms and the interest rate of your loan. In the case of a balloon loan, the borrower would need to pay off the entire principal amount after the first few years. If they can't afford the balloon payment, they would need to refinance the loan to a new loan.
Most interest-only loans in real estate are structured as adjustable-rate mortgages or ARM. With this type of mortgage, the interest rate is not fixed meaning the interest rate could go up or down which will impact the monthly payments after the interest-only period. In a market where the interest rate is climbing after the first few years, your monthly payments will rise dramatically when the principal payments kick in. Not only are you facing bigger payments because of principal payments, but you also need to pay more for interest payments because of rising rates.
Interest-only mortgages are not only riskier for the borrower, but they are also riskier for the lenders. Therefore, the requirements for getting an interest-only mortgage are higher than getting a conventional mortgage. Borrowers will need to have a good credit score, a bigger down payment, a lower debt-to-income ratio, and a higher income to qualify for interest-only mortgages.
As with any other loan and mortgage, credit score is the key to determining what kind of interest rate you will be getting. In general, banks required a credit score of 700 or higher for interest-only mortgages. Some banks have lower credit score requirements, but they usually have a higher interest rate to offset their risks.
Proof of income and assets will be required. Banks need to see your bank statements and tax returns to ensure you have the financial means to repay the mortgage not just during the interest-only period, but also the full monthly payments when principal payments start.
A low debt-to-income ratio (DTI) is required by most lenders. Banks prefer borrowers to have a DTI of 36% or lower. You might be able to find a bank that is willing to accept a higher DTI, but you may be faced with a higher interest rate. Most lenders won't approve interest-only loans for applicants with a DTI higher than 45.
You may be asked to put a healthy 20% - 30% down payment on your house whereas the down payment for a conventional mortgage can be as low as 3%. Borrowers who put down a small down payment are viewed as riskier for lenders.
There are advantages of an interest-only mortgage, but there are also downsides. You will have to evaluate your situation and decide whether the interest-only mortgage is right for you. Following are a few situations where an interest-only mortgage is beneficial.
Following are a few situations when an interest-only mortgage would be a bad idea.
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