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Interest Only Loan Calculator
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 |
|||||
Interest Only Terms: |
6 years | |||||
Total Terms: |
30 years | |||||
Total # Of Payments: |
360 | |||||
Start Date: |
Oct, 2023 | |||||
Payoff Date: |
Sep, 2053 | |||||
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 | |
|---|---|---|---|---|---|---|
| Oct, 2023 | 1 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Nov, 2023 | 2 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Dec, 2023 | 3 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jan, 2024 | 4 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Feb, 2024 | 5 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Mar, 2024 | 6 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Apr, 2024 | 7 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| May, 2024 | 8 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jun, 2024 | 9 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jul, 2024 | 10 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Aug, 2024 | 11 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Sep, 2024 | 12 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Oct, 2024 | 13 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Nov, 2024 | 14 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Dec, 2024 | 15 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jan, 2025 | 16 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Feb, 2025 | 17 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Mar, 2025 | 18 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Apr, 2025 | 19 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| May, 2025 | 20 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jun, 2025 | 21 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jul, 2025 | 22 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Aug, 2025 | 23 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Sep, 2025 | 24 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Oct, 2025 | 25 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Nov, 2025 | 26 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Dec, 2025 | 27 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jan, 2026 | 28 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Feb, 2026 | 29 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Mar, 2026 | 30 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Apr, 2026 | 31 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| May, 2026 | 32 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jun, 2026 | 33 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jul, 2026 | 34 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Aug, 2026 | 35 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Sep, 2026 | 36 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Oct, 2026 | 37 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Nov, 2026 | 38 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Dec, 2026 | 39 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jan, 2027 | 40 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Feb, 2027 | 41 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Mar, 2027 | 42 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Apr, 2027 | 43 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| May, 2027 | 44 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jun, 2027 | 45 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jul, 2027 | 46 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Aug, 2027 | 47 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Sep, 2027 | 48 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Oct, 2027 | 49 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Nov, 2027 | 50 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Dec, 2027 | 51 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jan, 2028 | 52 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Feb, 2028 | 53 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Mar, 2028 | 54 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Apr, 2028 | 55 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| May, 2028 | 56 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jun, 2028 | 57 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jul, 2028 | 58 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Aug, 2028 | 59 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Sep, 2028 | 60 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Oct, 2028 | 61 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Nov, 2028 | 62 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Dec, 2028 | 63 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jan, 2029 | 64 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Feb, 2029 | 65 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Mar, 2029 | 66 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Apr, 2029 | 67 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| May, 2029 | 68 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jun, 2029 | 69 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Jul, 2029 | 70 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Aug, 2029 | 71 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Sep, 2029 | 72 | $1,452.50 | $0.00 | $1,452.50 | $420,000.00 | |
| Oct, 2029 | 73 | $1,452.50 | $853.02 | $2,305.52 | $419,146.98 | |
| Nov, 2029 | 74 | $1,449.55 | $855.97 | $2,305.52 | $418,291.01 | |
| Dec, 2029 | 75 | $1,446.59 | $858.93 | $2,305.52 | $417,432.08 | |
| Jan, 2030 | 76 | $1,443.62 | $861.90 | $2,305.52 | $416,570.18 | |
| Feb, 2030 | 77 | $1,440.64 | $864.88 | $2,305.52 | $415,705.30 | |
| Mar, 2030 | 78 | $1,437.65 | $867.87 | $2,305.52 | $414,837.43 | |
| Apr, 2030 | 79 | $1,434.65 | $870.87 | $2,305.52 | $413,966.56 | |
| May, 2030 | 80 | $1,431.63 | $873.89 | $2,305.52 | $413,092.67 | |
| Jun, 2030 | 81 | $1,428.61 | $876.91 | $2,305.52 | $412,215.76 | |
| Jul, 2030 | 82 | $1,425.58 | $879.94 | $2,305.52 | $411,335.82 | |
| Aug, 2030 | 83 | $1,422.54 | $882.98 | $2,305.52 | $410,452.84 | |
| Sep, 2030 | 84 | $1,419.48 | $886.04 | $2,305.52 | $409,566.80 | |
| Oct, 2030 | 85 | $1,416.42 | $889.10 | $2,305.52 | $408,677.70 | |
| Nov, 2030 | 86 | $1,413.34 | $892.18 | $2,305.52 | $407,785.52 | |
| Dec, 2030 | 87 | $1,410.26 | $895.26 | $2,305.52 | $406,890.26 | |
| Jan, 2031 | 88 | $1,407.16 | $898.36 | $2,305.52 | $405,991.90 | |
| Feb, 2031 | 89 | $1,404.06 | $901.46 | $2,305.52 | $405,090.44 | |
| Mar, 2031 | 90 | $1,400.94 | $904.58 | $2,305.52 | $404,185.86 | |
| Apr, 2031 | 91 | $1,397.81 | $907.71 | $2,305.52 | $403,278.15 | |
| May, 2031 | 92 | $1,394.67 | $910.85 | $2,305.52 | $402,367.30 | |
| Jun, 2031 | 93 | $1,391.52 | $914.00 | $2,305.52 | $401,453.30 | |
| Jul, 2031 | 94 | $1,388.36 | $917.16 | $2,305.52 | $400,536.14 | |
| Aug, 2031 | 95 | $1,385.19 | $920.33 | $2,305.52 | $399,615.81 | |
| Sep, 2031 | 96 | $1,382.00 | $923.52 | $2,305.52 | $398,692.29 | |
| Oct, 2031 | 97 | $1,378.81 | $926.71 | $2,305.52 | $397,765.58 | |
| Nov, 2031 | 98 | $1,375.61 | $929.91 | $2,305.52 | $396,835.67 | |
| Dec, 2031 | 99 | $1,372.39 | $933.13 | $2,305.52 | $395,902.54 | |
| Jan, 2032 | 100 | $1,369.16 | $936.36 | $2,305.52 | $394,966.18 | |
| Feb, 2032 | 101 | $1,365.92 | $939.60 | $2,305.52 | $394,026.58 | |
| Mar, 2032 | 102 | $1,362.68 | $942.84 | $2,305.52 | $393,083.74 | |
| Apr, 2032 | 103 | $1,359.41 | $946.11 | $2,305.52 | $392,137.63 | |
| May, 2032 | 104 | $1,356.14 | $949.38 | $2,305.52 | $391,188.25 | |
| Jun, 2032 | 105 | $1,352.86 | $952.66 | $2,305.52 | $390,235.59 | |
| Jul, 2032 | 106 | $1,349.56 | $955.96 | $2,305.52 | $389,279.63 | |
| Aug, 2032 | 107 | $1,346.26 | $959.26 | $2,305.52 | $388,320.37 | |
| Sep, 2032 | 108 | $1,342.94 | $962.58 | $2,305.52 | $387,357.79 | |
| Oct, 2032 | 109 | $1,339.61 | $965.91 | $2,305.52 | $386,391.88 | |
| Nov, 2032 | 110 | $1,336.27 | $969.25 | $2,305.52 | $385,422.63 | |
| Dec, 2032 | 111 | $1,332.92 | $972.60 | $2,305.52 | $384,450.03 | |
| Jan, 2033 | 112 | $1,329.56 | $975.96 | $2,305.52 | $383,474.07 | |
| Feb, 2033 | 113 | $1,326.18 | $979.34 | $2,305.52 | $382,494.73 | |
| Mar, 2033 | 114 | $1,322.79 | $982.73 | $2,305.52 | $381,512.00 | |
| Apr, 2033 | 115 | $1,319.40 | $986.12 | $2,305.52 | $380,525.88 | |
| May, 2033 | 116 | $1,315.99 | $989.53 | $2,305.52 | $379,536.35 | |
| Jun, 2033 | 117 | $1,312.56 | $992.96 | $2,305.52 | $378,543.39 | |
| Jul, 2033 | 118 | $1,309.13 | $996.39 | $2,305.52 | $377,547.00 | |
| Aug, 2033 | 119 | $1,305.68 | $999.84 | $2,305.52 | $376,547.16 | |
| Sep, 2033 | 120 | $1,302.23 | $1,003.29 | $2,305.52 | $375,543.87 | |
| Oct, 2033 | 121 | $1,298.76 | $1,006.76 | $2,305.52 | $374,537.11 | |
| Nov, 2033 | 122 | $1,295.27 | $1,010.25 | $2,305.52 | $373,526.86 | |
| Dec, 2033 | 123 | $1,291.78 | $1,013.74 | $2,305.52 | $372,513.12 | |
| Jan, 2034 | 124 | $1,288.27 | $1,017.25 | $2,305.52 | $371,495.87 | |
| Feb, 2034 | 125 | $1,284.76 | $1,020.76 | $2,305.52 | $370,475.11 | |
| Mar, 2034 | 126 | $1,281.23 | $1,024.29 | $2,305.52 | $369,450.82 | |
| Apr, 2034 | 127 | $1,277.68 | $1,027.84 | $2,305.52 | $368,422.98 | |
| May, 2034 | 128 | $1,274.13 | $1,031.39 | $2,305.52 | $367,391.59 | |
| Jun, 2034 | 129 | $1,270.56 | $1,034.96 | $2,305.52 | $366,356.63 | |
| Jul, 2034 | 130 | $1,266.98 | $1,038.54 | $2,305.52 | $365,318.09 | |
| Aug, 2034 | 131 | $1,263.39 | $1,042.13 | $2,305.52 | $364,275.96 | |
| Sep, 2034 | 132 | $1,259.79 | $1,045.73 | $2,305.52 | $363,230.23 | |
| Oct, 2034 | 133 | $1,256.17 | $1,049.35 | $2,305.52 | $362,180.88 | |
| Nov, 2034 | 134 | $1,252.54 | $1,052.98 | $2,305.52 | $361,127.90 | |
| Dec, 2034 | 135 | $1,248.90 | $1,056.62 | $2,305.52 | $360,071.28 | |
| Jan, 2035 | 136 | $1,245.25 | $1,060.27 | $2,305.52 | $359,011.01 | |
| Feb, 2035 | 137 | $1,241.58 | $1,063.94 | $2,305.52 | $357,947.07 | |
| Mar, 2035 | 138 | $1,237.90 | $1,067.62 | $2,305.52 | $356,879.45 | |
| Apr, 2035 | 139 | $1,234.21 | $1,071.31 | $2,305.52 | $355,808.14 | |
| May, 2035 | 140 | $1,230.50 | $1,075.02 | $2,305.52 | $354,733.12 | |
| Jun, 2035 | 141 | $1,226.79 | $1,078.73 | $2,305.52 | $353,654.39 | |
| Jul, 2035 | 142 | $1,223.05 | $1,082.47 | $2,305.52 | $352,571.92 | |
| Aug, 2035 | 143 | $1,219.31 | $1,086.21 | $2,305.52 | $351,485.71 | |
| Sep, 2035 | 144 | $1,215.55 | $1,089.97 | $2,305.52 | $350,395.74 | |
| Oct, 2035 | 145 | $1,211.79 | $1,093.73 | $2,305.52 | $349,302.01 | |
| Nov, 2035 | 146 | $1,208.00 | $1,097.52 | $2,305.52 | $348,204.49 | |
| Dec, 2035 | 147 | $1,204.21 | $1,101.31 | $2,305.52 | $347,103.18 | |
| Jan, 2036 | 148 | $1,200.40 | $1,105.12 | $2,305.52 | $345,998.06 | |
| Feb, 2036 | 149 | $1,196.58 | $1,108.94 | $2,305.52 | $344,889.12 | |
| Mar, 2036 | 150 | $1,192.74 | $1,112.78 | $2,305.52 | $343,776.34 | |
| Apr, 2036 | 151 | $1,188.89 | $1,116.63 | $2,305.52 | $342,659.71 | |
| May, 2036 | 152 | $1,185.03 | $1,120.49 | $2,305.52 | $341,539.22 | |
| Jun, 2036 | 153 | $1,181.16 | $1,124.36 | $2,305.52 | $340,414.86 | |
| Jul, 2036 | 154 | $1,177.27 | $1,128.25 | $2,305.52 | $339,286.61 | |
| Aug, 2036 | 155 | $1,173.37 | $1,132.15 | $2,305.52 | $338,154.46 | |
| Sep, 2036 | 156 | $1,169.45 | $1,136.07 | $2,305.52 | $337,018.39 | |
| Oct, 2036 | 157 | $1,165.52 | $1,140.00 | $2,305.52 | $335,878.39 | |
| Nov, 2036 | 158 | $1,161.58 | $1,143.94 | $2,305.52 | $334,734.45 | |
| Dec, 2036 | 159 | $1,157.62 | $1,147.90 | $2,305.52 | $333,586.55 | |
| Jan, 2037 | 160 | $1,153.65 | $1,151.87 | $2,305.52 | $332,434.68 | |
| Feb, 2037 | 161 | $1,149.67 | $1,155.85 | $2,305.52 | $331,278.83 | |
| Mar, 2037 | 162 | $1,145.67 | $1,159.85 | $2,305.52 | $330,118.98 | |
| Apr, 2037 | 163 | $1,141.66 | $1,163.86 | $2,305.52 | $328,955.12 | |
| May, 2037 | 164 | $1,137.64 | $1,167.88 | $2,305.52 | $327,787.24 | |
| Jun, 2037 | 165 | $1,133.60 | $1,171.92 | $2,305.52 | $326,615.32 | |
| Jul, 2037 | 166 | $1,129.54 | $1,175.98 | $2,305.52 | $325,439.34 | |
| Aug, 2037 | 167 | $1,125.48 | $1,180.04 | $2,305.52 | $324,259.30 | |
| Sep, 2037 | 168 | $1,121.40 | $1,184.12 | $2,305.52 | $323,075.18 | |
| Oct, 2037 | 169 | $1,117.30 | $1,188.22 | $2,305.52 | $321,886.96 | |
| Nov, 2037 | 170 | $1,113.19 | $1,192.33 | $2,305.52 | $320,694.63 | |
| Dec, 2037 | 171 | $1,109.07 | $1,196.45 | $2,305.52 | $319,498.18 | |
| Jan, 2038 | 172 | $1,104.93 | $1,200.59 | $2,305.52 | $318,297.59 | |
| Feb, 2038 | 173 | $1,100.78 | $1,204.74 | $2,305.52 | $317,092.85 | |
| Mar, 2038 | 174 | $1,096.61 | $1,208.91 | $2,305.52 | $315,883.94 | |
| Apr, 2038 | 175 | $1,092.43 | $1,213.09 | $2,305.52 | $314,670.85 | |
| May, 2038 | 176 | $1,088.24 | $1,217.28 | $2,305.52 | $313,453.57 | |
| Jun, 2038 | 177 | $1,084.03 | $1,221.49 | $2,305.52 | $312,232.08 | |
| Jul, 2038 | 178 | $1,079.80 | $1,225.72 | $2,305.52 | $311,006.36 | |
| Aug, 2038 | 179 | $1,075.56 | $1,229.96 | $2,305.52 | $309,776.40 | |
| Sep, 2038 | 180 | $1,071.31 | $1,234.21 | $2,305.52 | $308,542.19 | |
| Oct, 2038 | 181 | $1,067.04 | $1,238.48 | $2,305.52 | $307,303.71 | |
| Nov, 2038 | 182 | $1,062.76 | $1,242.76 | $2,305.52 | $306,060.95 | |
| Dec, 2038 | 183 | $1,058.46 | $1,247.06 | $2,305.52 | $304,813.89 | |
| Jan, 2039 | 184 | $1,054.15 | $1,251.37 | $2,305.52 | $303,562.52 | |
| Feb, 2039 | 185 | $1,049.82 | $1,255.70 | $2,305.52 | $302,306.82 | |
| Mar, 2039 | 186 | $1,045.48 | $1,260.04 | $2,305.52 | $301,046.78 | |
| Apr, 2039 | 187 | $1,041.12 | $1,264.40 | $2,305.52 | $299,782.38 | |
| May, 2039 | 188 | $1,036.75 | $1,268.77 | $2,305.52 | $298,513.61 | |
| Jun, 2039 | 189 | $1,032.36 | $1,273.16 | $2,305.52 | $297,240.45 | |
| Jul, 2039 | 190 | $1,027.96 | $1,277.56 | $2,305.52 | $295,962.89 | |
| Aug, 2039 | 191 | $1,023.54 | $1,281.98 | $2,305.52 | $294,680.91 | |
| Sep, 2039 | 192 | $1,019.10 | $1,286.42 | $2,305.52 | $293,394.49 | |
| Oct, 2039 | 193 | $1,014.66 | $1,290.86 | $2,305.52 | $292,103.63 | |
| Nov, 2039 | 194 | $1,010.19 | $1,295.33 | $2,305.52 | $290,808.30 | |
| Dec, 2039 | 195 | $1,005.71 | $1,299.81 | $2,305.52 | $289,508.49 | |
| Jan, 2040 | 196 | $1,001.22 | $1,304.30 | $2,305.52 | $288,204.19 | |
| Feb, 2040 | 197 | $996.71 | $1,308.81 | $2,305.52 | $286,895.38 | |
| Mar, 2040 | 198 | $992.18 | $1,313.34 | $2,305.52 | $285,582.04 | |
| Apr, 2040 | 199 | $987.64 | $1,317.88 | $2,305.52 | $284,264.16 | |
| May, 2040 | 200 | $983.08 | $1,322.44 | $2,305.52 | $282,941.72 | |
| Jun, 2040 | 201 | $978.51 | $1,327.01 | $2,305.52 | $281,614.71 | |
| Jul, 2040 | 202 | $973.92 | $1,331.60 | $2,305.52 | $280,283.11 | |
| Aug, 2040 | 203 | $969.31 | $1,336.21 | $2,305.52 | $278,946.90 | |
| Sep, 2040 | 204 | $964.69 | $1,340.83 | $2,305.52 | $277,606.07 | |
| Oct, 2040 | 205 | $960.05 | $1,345.47 | $2,305.52 | $276,260.60 | |
| Nov, 2040 | 206 | $955.40 | $1,350.12 | $2,305.52 | $274,910.48 | |
| Dec, 2040 | 207 | $950.73 | $1,354.79 | $2,305.52 | $273,555.69 | |
| Jan, 2041 | 208 | $946.05 | $1,359.47 | $2,305.52 | $272,196.22 | |
| Feb, 2041 | 209 | $941.35 | $1,364.17 | $2,305.52 | $270,832.05 | |
| Mar, 2041 | 210 | $936.63 | $1,368.89 | $2,305.52 | $269,463.16 | |
| Apr, 2041 | 211 | $931.89 | $1,373.63 | $2,305.52 | $268,089.53 | |
| May, 2041 | 212 | $927.14 | $1,378.38 | $2,305.52 | $266,711.15 | |
| Jun, 2041 | 213 | $922.38 | $1,383.14 | $2,305.52 | $265,328.01 | |
| Jul, 2041 | 214 | $917.59 | $1,387.93 | $2,305.52 | $263,940.08 | |
| Aug, 2041 | 215 | $912.79 | $1,392.73 | $2,305.52 | $262,547.35 | |
| Sep, 2041 | 216 | $907.98 | $1,397.54 | $2,305.52 | $261,149.81 | |
| Oct, 2041 | 217 | $903.14 | $1,402.38 | $2,305.52 | $259,747.43 | |
| Nov, 2041 | 218 | $898.29 | $1,407.23 | $2,305.52 | $258,340.20 | |
| Dec, 2041 | 219 | $893.43 | $1,412.09 | $2,305.52 | $256,928.11 | |
| Jan, 2042 | 220 | $888.54 | $1,416.98 | $2,305.52 | $255,511.13 | |
| Feb, 2042 | 221 | $883.64 | $1,421.88 | $2,305.52 | $254,089.25 | |
| Mar, 2042 | 222 | $878.73 | $1,426.79 | $2,305.52 | $252,662.46 | |
| Apr, 2042 | 223 | $873.79 | $1,431.73 | $2,305.52 | $251,230.73 | |
| May, 2042 | 224 | $868.84 | $1,436.68 | $2,305.52 | $249,794.05 | |
| Jun, 2042 | 225 | $863.87 | $1,441.65 | $2,305.52 | $248,352.40 | |
| Jul, 2042 | 226 | $858.89 | $1,446.63 | $2,305.52 | $246,905.77 | |
| Aug, 2042 | 227 | $853.88 | $1,451.64 | $2,305.52 | $245,454.13 | |
| Sep, 2042 | 228 | $848.86 | $1,456.66 | $2,305.52 | $243,997.47 | |
| Oct, 2042 | 229 | $843.82 | $1,461.70 | $2,305.52 | $242,535.77 | |
| Nov, 2042 | 230 | $838.77 | $1,466.75 | $2,305.52 | $241,069.02 | |
| Dec, 2042 | 231 | $833.70 | $1,471.82 | $2,305.52 | $239,597.20 | |
| Jan, 2043 | 232 | $828.61 | $1,476.91 | $2,305.52 | $238,120.29 | |
| Feb, 2043 | 233 | $823.50 | $1,482.02 | $2,305.52 | $236,638.27 | |
| Mar, 2043 | 234 | $818.37 | $1,487.15 | $2,305.52 | $235,151.12 | |
| Apr, 2043 | 235 | $813.23 | $1,492.29 | $2,305.52 | $233,658.83 | |
| May, 2043 | 236 | $808.07 | $1,497.45 | $2,305.52 | $232,161.38 | |
| Jun, 2043 | 237 | $802.89 | $1,502.63 | $2,305.52 | $230,658.75 | |
| Jul, 2043 | 238 | $797.69 | $1,507.83 | $2,305.52 | $229,150.92 | |
| Aug, 2043 | 239 | $792.48 | $1,513.04 | $2,305.52 | $227,637.88 | |
| Sep, 2043 | 240 | $787.25 | $1,518.27 | $2,305.52 | $226,119.61 | |
| Oct, 2043 | 241 | $782.00 | $1,523.52 | $2,305.52 | $224,596.09 | |
| Nov, 2043 | 242 | $776.73 | $1,528.79 | $2,305.52 | $223,067.30 | |
| Dec, 2043 | 243 | $771.44 | $1,534.08 | $2,305.52 | $221,533.22 | |
| Jan, 2044 | 244 | $766.14 | $1,539.38 | $2,305.52 | $219,993.84 | |
| Feb, 2044 | 245 | $760.81 | $1,544.71 | $2,305.52 | $218,449.13 | |
| Mar, 2044 | 246 | $755.47 | $1,550.05 | $2,305.52 | $216,899.08 | |
| Apr, 2044 | 247 | $750.11 | $1,555.41 | $2,305.52 | $215,343.67 | |
| May, 2044 | 248 | $744.73 | $1,560.79 | $2,305.52 | $213,782.88 | |
| Jun, 2044 | 249 | $739.33 | $1,566.19 | $2,305.52 | $212,216.69 | |
| Jul, 2044 | 250 | $733.92 | $1,571.60 | $2,305.52 | $210,645.09 | |
| Aug, 2044 | 251 | $728.48 | $1,577.04 | $2,305.52 | $209,068.05 | |
| Sep, 2044 | 252 | $723.03 | $1,582.49 | $2,305.52 | $207,485.56 | |
| Oct, 2044 | 253 | $717.55 | $1,587.97 | $2,305.52 | $205,897.59 | |
| Nov, 2044 | 254 | $712.06 | $1,593.46 | $2,305.52 | $204,304.13 | |
| Dec, 2044 | 255 | $706.55 | $1,598.97 | $2,305.52 | $202,705.16 | |
| Jan, 2045 | 256 | $701.02 | $1,604.50 | $2,305.52 | $201,100.66 | |
| Feb, 2045 | 257 | $695.47 | $1,610.05 | $2,305.52 | $199,490.61 | |
| Mar, 2045 | 258 | $689.91 | $1,615.61 | $2,305.52 | $197,875.00 | |
| Apr, 2045 | 259 | $684.32 | $1,621.20 | $2,305.52 | $196,253.80 | |
| May, 2045 | 260 | $678.71 | $1,626.81 | $2,305.52 | $194,626.99 | |
| Jun, 2045 | 261 | $673.09 | $1,632.43 | $2,305.52 | $192,994.56 | |
| Jul, 2045 | 262 | $667.44 | $1,638.08 | $2,305.52 | $191,356.48 | |
| Aug, 2045 | 263 | $661.77 | $1,643.75 | $2,305.52 | $189,712.73 | |
| Sep, 2045 | 264 | $656.09 | $1,649.43 | $2,305.52 | $188,063.30 | |
| Oct, 2045 | 265 | $650.39 | $1,655.13 | $2,305.52 | $186,408.17 | |
| Nov, 2045 | 266 | $644.66 | $1,660.86 | $2,305.52 | $184,747.31 | |
| Dec, 2045 | 267 | $638.92 | $1,666.60 | $2,305.52 | $183,080.71 | |
| Jan, 2046 | 268 | $633.15 | $1,672.37 | $2,305.52 | $181,408.34 | |
| Feb, 2046 | 269 | $627.37 | $1,678.15 | $2,305.52 | $179,730.19 | |
| Mar, 2046 | 270 | $621.57 | $1,683.95 | $2,305.52 | $178,046.24 | |
| Apr, 2046 | 271 | $615.74 | $1,689.78 | $2,305.52 | $176,356.46 | |
| May, 2046 | 272 | $609.90 | $1,695.62 | $2,305.52 | $174,660.84 | |
| Jun, 2046 | 273 | $604.04 | $1,701.48 | $2,305.52 | $172,959.36 | |
| Jul, 2046 | 274 | $598.15 | $1,707.37 | $2,305.52 | $171,251.99 | |
| Aug, 2046 | 275 | $592.25 | $1,713.27 | $2,305.52 | $169,538.72 | |
| Sep, 2046 | 276 | $586.32 | $1,719.20 | $2,305.52 | $167,819.52 | |
| Oct, 2046 | 277 | $580.38 | $1,725.14 | $2,305.52 | $166,094.38 | |
| Nov, 2046 | 278 | $574.41 | $1,731.11 | $2,305.52 | $164,363.27 | |
| Dec, 2046 | 279 | $568.42 | $1,737.10 | $2,305.52 | $162,626.17 | |
| Jan, 2047 | 280 | $562.42 | $1,743.10 | $2,305.52 | $160,883.07 | |
| Feb, 2047 | 281 | $556.39 | $1,749.13 | $2,305.52 | $159,133.94 | |
| Mar, 2047 | 282 | $550.34 | $1,755.18 | $2,305.52 | $157,378.76 | |
| Apr, 2047 | 283 | $544.27 | $1,761.25 | $2,305.52 | $155,617.51 | |
| May, 2047 | 284 | $538.18 | $1,767.34 | $2,305.52 | $153,850.17 | |
| Jun, 2047 | 285 | $532.07 | $1,773.45 | $2,305.52 | $152,076.72 | |
| Jul, 2047 | 286 | $525.93 | $1,779.59 | $2,305.52 | $150,297.13 | |
| Aug, 2047 | 287 | $519.78 | $1,785.74 | $2,305.52 | $148,511.39 | |
| Sep, 2047 | 288 | $513.60 | $1,791.92 | $2,305.52 | $146,719.47 | |
| Oct, 2047 | 289 | $507.40 | $1,798.12 | $2,305.52 | $144,921.35 | |
| Nov, 2047 | 290 | $501.19 | $1,804.33 | $2,305.52 | $143,117.02 | |
| Dec, 2047 | 291 | $494.95 | $1,810.57 | $2,305.52 | $141,306.45 | |
| Jan, 2048 | 292 | $488.68 | $1,816.84 | $2,305.52 | $139,489.61 | |
| Feb, 2048 | 293 | $482.40 | $1,823.12 | $2,305.52 | $137,666.49 | |
| Mar, 2048 | 294 | $476.10 | $1,829.42 | $2,305.52 | $135,837.07 | |
| Apr, 2048 | 295 | $469.77 | $1,835.75 | $2,305.52 | $134,001.32 | |
| May, 2048 | 296 | $463.42 | $1,842.10 | $2,305.52 | $132,159.22 | |
| Jun, 2048 | 297 | $457.05 | $1,848.47 | $2,305.52 | $130,310.75 | |
| Jul, 2048 | 298 | $450.66 | $1,854.86 | $2,305.52 | $128,455.89 | |
| Aug, 2048 | 299 | $444.24 | $1,861.28 | $2,305.52 | $126,594.61 | |
| Sep, 2048 | 300 | $437.81 | $1,867.71 | $2,305.52 | $124,726.90 | |
| Oct, 2048 | 301 | $431.35 | $1,874.17 | $2,305.52 | $122,852.73 | |
| Nov, 2048 | 302 | $424.87 | $1,880.65 | $2,305.52 | $120,972.08 | |
| Dec, 2048 | 303 | $418.36 | $1,887.16 | $2,305.52 | $119,084.92 | |
| Jan, 2049 | 304 | $411.84 | $1,893.68 | $2,305.52 | $117,191.24 | |
| Feb, 2049 | 305 | $405.29 | $1,900.23 | $2,305.52 | $115,291.01 | |
| Mar, 2049 | 306 | $398.71 | $1,906.81 | $2,305.52 | $113,384.20 | |
| Apr, 2049 | 307 | $392.12 | $1,913.40 | $2,305.52 | $111,470.80 | |
| May, 2049 | 308 | $385.50 | $1,920.02 | $2,305.52 | $109,550.78 | |
| Jun, 2049 | 309 | $378.86 | $1,926.66 | $2,305.52 | $107,624.12 | |
| Jul, 2049 | 310 | $372.20 | $1,933.32 | $2,305.52 | $105,690.80 | |
| Aug, 2049 | 311 | $365.51 | $1,940.01 | $2,305.52 | $103,750.79 | |
| Sep, 2049 | 312 | $358.80 | $1,946.72 | $2,305.52 | $101,804.07 | |
| Oct, 2049 | 313 | $352.07 | $1,953.45 | $2,305.52 | $99,850.62 | |
| Nov, 2049 | 314 | $345.32 | $1,960.20 | $2,305.52 | $97,890.42 | |
| Dec, 2049 | 315 | $338.54 | $1,966.98 | $2,305.52 | $95,923.44 | |
| Jan, 2050 | 316 | $331.74 | $1,973.78 | $2,305.52 | $93,949.66 | |
| Feb, 2050 | 317 | $324.91 | $1,980.61 | $2,305.52 | $91,969.05 | |
| Mar, 2050 | 318 | $318.06 | $1,987.46 | $2,305.52 | $89,981.59 | |
| Apr, 2050 | 319 | $311.19 | $1,994.33 | $2,305.52 | $87,987.26 | |
| May, 2050 | 320 | $304.29 | $2,001.23 | $2,305.52 | $85,986.03 | |
| Jun, 2050 | 321 | $297.37 | $2,008.15 | $2,305.52 | $83,977.88 | |
| Jul, 2050 | 322 | $290.42 | $2,015.10 | $2,305.52 | $81,962.78 | |
| Aug, 2050 | 323 | $283.45 | $2,022.07 | $2,305.52 | $79,940.71 | |
| Sep, 2050 | 324 | $276.46 | $2,029.06 | $2,305.52 | $77,911.65 | |
| Oct, 2050 | 325 | $269.44 | $2,036.08 | $2,305.52 | $75,875.57 | |
| Nov, 2050 | 326 | $262.40 | $2,043.12 | $2,305.52 | $73,832.45 | |
| Dec, 2050 | 327 | $255.34 | $2,050.18 | $2,305.52 | $71,782.27 | |
| Jan, 2051 | 328 | $248.25 | $2,057.27 | $2,305.52 | $69,725.00 | |
| Feb, 2051 | 329 | $241.13 | $2,064.39 | $2,305.52 | $67,660.61 | |
| Mar, 2051 | 330 | $233.99 | $2,071.53 | $2,305.52 | $65,589.08 | |
| Apr, 2051 | 331 | $226.83 | $2,078.69 | $2,305.52 | $63,510.39 | |
| May, 2051 | 332 | $219.64 | $2,085.88 | $2,305.52 | $61,424.51 | |
| Jun, 2051 | 333 | $212.43 | $2,093.09 | $2,305.52 | $59,331.42 | |
| Jul, 2051 | 334 | $205.19 | $2,100.33 | $2,305.52 | $57,231.09 | |
| Aug, 2051 | 335 | $197.92 | $2,107.60 | $2,305.52 | $55,123.49 | |
| Sep, 2051 | 336 | $190.64 | $2,114.88 | $2,305.52 | $53,008.61 | |
| Oct, 2051 | 337 | $183.32 | $2,122.20 | $2,305.52 | $50,886.41 | |
| Nov, 2051 | 338 | $175.98 | $2,129.54 | $2,305.52 | $48,756.87 | |
| Dec, 2051 | 339 | $168.62 | $2,136.90 | $2,305.52 | $46,619.97 | |
| Jan, 2052 | 340 | $161.23 | $2,144.29 | $2,305.52 | $44,475.68 | |
| Feb, 2052 | 341 | $153.81 | $2,151.71 | $2,305.52 | $42,323.97 | |
| Mar, 2052 | 342 | $146.37 | $2,159.15 | $2,305.52 | $40,164.82 | |
| Apr, 2052 | 343 | $138.90 | $2,166.62 | $2,305.52 | $37,998.20 | |
| May, 2052 | 344 | $131.41 | $2,174.11 | $2,305.52 | $35,824.09 | |
| Jun, 2052 | 345 | $123.89 | $2,181.63 | $2,305.52 | $33,642.46 | |
| Jul, 2052 | 346 | $116.35 | $2,189.17 | $2,305.52 | $31,453.29 | |
| Aug, 2052 | 347 | $108.78 | $2,196.74 | $2,305.52 | $29,256.55 | |
| Sep, 2052 | 348 | $101.18 | $2,204.34 | $2,305.52 | $27,052.21 | |
| Oct, 2052 | 349 | $93.56 | $2,211.96 | $2,305.52 | $24,840.25 | |
| Nov, 2052 | 350 | $85.91 | $2,219.61 | $2,305.52 | $22,620.64 | |
| Dec, 2052 | 351 | $78.23 | $2,227.29 | $2,305.52 | $20,393.35 | |
| Jan, 2053 | 352 | $70.53 | $2,234.99 | $2,305.52 | $18,158.36 | |
| Feb, 2053 | 353 | $62.80 | $2,242.72 | $2,305.52 | $15,915.64 | |
| Mar, 2053 | 354 | $55.04 | $2,250.48 | $2,305.52 | $13,665.16 | |
| Apr, 2053 | 355 | $47.26 | $2,258.26 | $2,305.52 | $11,406.90 | |
| May, 2053 | 356 | $39.45 | $2,266.07 | $2,305.52 | $9,140.83 | |
| Jun, 2053 | 357 | $31.61 | $2,273.91 | $2,305.52 | $6,866.92 | |
| Jul, 2053 | 358 | $23.75 | $2,281.77 | $2,305.52 | $4,585.15 | |
| Aug, 2053 | 359 | $15.86 | $2,289.66 | $2,305.52 | $2,295.49 | |
| Sep, 2053 | 360 | $7.94 | $2,297.58 | $2,305.52 | $0.00 | |
What is an interest-only loan?
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.
How does an interest-only loan work?
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.
Pros and cons of interest-only mortgages?
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.
Pros of an interest-only mortgage
- Lower interest rate - an interest-only mortgage usually has a lower interest rate during the initial introductory period (5 - 10 years) than a fixed-interest loan mortgage.
- Lower initial monthly payments - not only does an interest-only mortgage have a lower interest rate in the first few years, but it doesn't require principal payments. Therefore, the monthly payments are even lower than a conventional mortgage.
- Bigger mortgage - with an interest-only mortgage, you might be able to afford to get a bigger mortgage than a fixed-interest mortgage. When you are buying a house, an interest-only mortgage will help you afford a large house that you otherwise won't be able to afford as long as you can pay the full monthly payments in the future.
- Cash flow - with an interest-only mortgage, you tie up less capital than with a conventional mortgage. You can use this extra cash flow for other ventures, investments, or scaling up in the real estate.
Cons of an interest-only mortgage
- You may lose your home - interest-only mortgages are much riskier than traditional mortgages. If you can't afford the much bigger monthly payments after the initial interest-only period, you could default on your mortgage and lose your home to the bank.
- Not building equity - if you get an interest-only mortgage, you will not be building any equity in the house for the first few years since your payments only cover the interest payments on the loan.
- Higher monthly payments down the road - after the initial interest-only period, you will be faced with much higher monthly payments. Many borrowers are surprised at how big the full payments are that they have to sacrifice their living style just to afford the rising payments.
- Unpredictable interest rate - since interest-only mortgages use adjustable rates, the rates are unpredictable. The interest rates 10 years later may be much higher than today's interest rate. That means even bigger monthly payments for the borrowers.
- Paying more for interest payments - you will end up paying significantly more in interest payments over the course of the mortgage than a fixed-interest mortgage.
- Owe more on the mortgage than the house is worth - if the housing market is declining and your house losing value, you may owe more on your mortgage than the value of your home. If you sell the house in the future, you will have to pull money from your pocket to cover the difference between the sold price and the mortgage balance.
Interest-only mortgage requirement
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.
Credit score
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.
Income & assets
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.
Low debt-to-income ratio
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.
Down payment
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.
Should I get an interest-only mortgage?
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.
You may get an interest-only mortgage in these situations
- Live in the house temporarily - if you are only going to live in the house for a short time and planning to move in the near future, an interest-only mortgage might make sense as it gives you the option to make lower monthly payments before you sell the house.
- Fix and flip the property - if your goal for getting an interest-only mortgage is to invest in a property as a fix and flip, then you can get an interest-only mortgage with a lower monthly payment and afford a larger mortgage that you may not otherwise be able to afford.
- Other investment opportunities - if you have other ventures, investment opportunities, or business that gives you a better ROI than the extra interest payments that would cost you with an interest-only mortgage, by all means, go for it.
- Rising income - if you can't afford the fixed monthly payments on a traditional mortgage, but are confident that your income will rise in the near future and be able to afford the large payments down the road, then an interest-only mortgage makes sense.
Stay away from interest-only mortgages in these situations
Following are a few situations when an interest-only mortgage would be a bad idea.
- Can't afford a big down payment - if you can't afford a down payment of at least 20%, you might not be approved for an interest-only mortgage.
- Can't afford the large monthly payments - if you can't afford to pay the large monthly payments down the road, you will get yourself in trouble with an interest-only mortgage as you will likely lose your home to foreclosure.
- Save in overall interest payments - an interest-only mortgage will cost more than a conventional mortgage. If your goal is to save money on interest payments, avoid interest-only mortgages. Don't be fooled by the lower initial payments as the mortgage will cost you more over the course of the term.
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