Interest Only Loan Calculator

Refinance Rates Home Equity Rates Mortgage Rates

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.

Interest Only Amortization Calculator
Mortgage Amount		Loan Terms	years
Interest Only Period	years	Interest Rate
First Payment Date		Amortization Schedule	Show By Month Year

Payment Date	Payment #	Interest Paid	Principal Paid	Total Payment	Remaining Balance
Mortgage Calculator Results
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:			Dec, 2025
Payoff Date:			Nov, 2055
Total Interest Paid:			$348,567.67
Total Payment:			$768,569.76
Interest Only Amortization Schedule
Dec, 2025	1	$1,452.50	$0.00	$1,452.50	$420,000.00
Jan, 2026	2	$1,452.50	$0.00	$1,452.50	$420,000.00
Feb, 2026	3	$1,452.50	$0.00	$1,452.50	$420,000.00
Mar, 2026	4	$1,452.50	$0.00	$1,452.50	$420,000.00
Apr, 2026	5	$1,452.50	$0.00	$1,452.50	$420,000.00
May, 2026	6	$1,452.50	$0.00	$1,452.50	$420,000.00
Jun, 2026	7	$1,452.50	$0.00	$1,452.50	$420,000.00
Jul, 2026	8	$1,452.50	$0.00	$1,452.50	$420,000.00
Aug, 2026	9	$1,452.50	$0.00	$1,452.50	$420,000.00
Sep, 2026	10	$1,452.50	$0.00	$1,452.50	$420,000.00
Oct, 2026	11	$1,452.50	$0.00	$1,452.50	$420,000.00
Nov, 2026	12	$1,452.50	$0.00	$1,452.50	$420,000.00
Dec, 2026	13	$1,452.50	$0.00	$1,452.50	$420,000.00
Jan, 2027	14	$1,452.50	$0.00	$1,452.50	$420,000.00
Feb, 2027	15	$1,452.50	$0.00	$1,452.50	$420,000.00
Mar, 2027	16	$1,452.50	$0.00	$1,452.50	$420,000.00
Apr, 2027	17	$1,452.50	$0.00	$1,452.50	$420,000.00
May, 2027	18	$1,452.50	$0.00	$1,452.50	$420,000.00
Jun, 2027	19	$1,452.50	$0.00	$1,452.50	$420,000.00
Jul, 2027	20	$1,452.50	$0.00	$1,452.50	$420,000.00
Aug, 2027	21	$1,452.50	$0.00	$1,452.50	$420,000.00
Sep, 2027	22	$1,452.50	$0.00	$1,452.50	$420,000.00
Oct, 2027	23	$1,452.50	$0.00	$1,452.50	$420,000.00
Nov, 2027	24	$1,452.50	$0.00	$1,452.50	$420,000.00
Dec, 2027	25	$1,452.50	$0.00	$1,452.50	$420,000.00
Jan, 2028	26	$1,452.50	$0.00	$1,452.50	$420,000.00
Feb, 2028	27	$1,452.50	$0.00	$1,452.50	$420,000.00
Mar, 2028	28	$1,452.50	$0.00	$1,452.50	$420,000.00
Apr, 2028	29	$1,452.50	$0.00	$1,452.50	$420,000.00
May, 2028	30	$1,452.50	$0.00	$1,452.50	$420,000.00
Jun, 2028	31	$1,452.50	$0.00	$1,452.50	$420,000.00
Jul, 2028	32	$1,452.50	$0.00	$1,452.50	$420,000.00
Aug, 2028	33	$1,452.50	$0.00	$1,452.50	$420,000.00
Sep, 2028	34	$1,452.50	$0.00	$1,452.50	$420,000.00
Oct, 2028	35	$1,452.50	$0.00	$1,452.50	$420,000.00
Nov, 2028	36	$1,452.50	$0.00	$1,452.50	$420,000.00
Dec, 2028	37	$1,452.50	$0.00	$1,452.50	$420,000.00
Jan, 2029	38	$1,452.50	$0.00	$1,452.50	$420,000.00
Feb, 2029	39	$1,452.50	$0.00	$1,452.50	$420,000.00
Mar, 2029	40	$1,452.50	$0.00	$1,452.50	$420,000.00
Apr, 2029	41	$1,452.50	$0.00	$1,452.50	$420,000.00
May, 2029	42	$1,452.50	$0.00	$1,452.50	$420,000.00
Jun, 2029	43	$1,452.50	$0.00	$1,452.50	$420,000.00
Jul, 2029	44	$1,452.50	$0.00	$1,452.50	$420,000.00
Aug, 2029	45	$1,452.50	$0.00	$1,452.50	$420,000.00
Sep, 2029	46	$1,452.50	$0.00	$1,452.50	$420,000.00
Oct, 2029	47	$1,452.50	$0.00	$1,452.50	$420,000.00
Nov, 2029	48	$1,452.50	$0.00	$1,452.50	$420,000.00
Dec, 2029	49	$1,452.50	$0.00	$1,452.50	$420,000.00
Jan, 2030	50	$1,452.50	$0.00	$1,452.50	$420,000.00
Feb, 2030	51	$1,452.50	$0.00	$1,452.50	$420,000.00
Mar, 2030	52	$1,452.50	$0.00	$1,452.50	$420,000.00
Apr, 2030	53	$1,452.50	$0.00	$1,452.50	$420,000.00
May, 2030	54	$1,452.50	$0.00	$1,452.50	$420,000.00
Jun, 2030	55	$1,452.50	$0.00	$1,452.50	$420,000.00
Jul, 2030	56	$1,452.50	$0.00	$1,452.50	$420,000.00
Aug, 2030	57	$1,452.50	$0.00	$1,452.50	$420,000.00
Sep, 2030	58	$1,452.50	$0.00	$1,452.50	$420,000.00
Oct, 2030	59	$1,452.50	$0.00	$1,452.50	$420,000.00
Nov, 2030	60	$1,452.50	$0.00	$1,452.50	$420,000.00
Dec, 2030	61	$1,452.50	$0.00	$1,452.50	$420,000.00
Jan, 2031	62	$1,452.50	$0.00	$1,452.50	$420,000.00
Feb, 2031	63	$1,452.50	$0.00	$1,452.50	$420,000.00
Mar, 2031	64	$1,452.50	$0.00	$1,452.50	$420,000.00
Apr, 2031	65	$1,452.50	$0.00	$1,452.50	$420,000.00
May, 2031	66	$1,452.50	$0.00	$1,452.50	$420,000.00
Jun, 2031	67	$1,452.50	$0.00	$1,452.50	$420,000.00
Jul, 2031	68	$1,452.50	$0.00	$1,452.50	$420,000.00
Aug, 2031	69	$1,452.50	$0.00	$1,452.50	$420,000.00
Sep, 2031	70	$1,452.50	$0.00	$1,452.50	$420,000.00
Oct, 2031	71	$1,452.50	$0.00	$1,452.50	$420,000.00
Nov, 2031	72	$1,452.50	$0.00	$1,452.50	$420,000.00
Dec, 2031	73	$1,452.50	$853.02	$2,305.52	$419,146.98
Jan, 2032	74	$1,449.55	$855.97	$2,305.52	$418,291.01
Feb, 2032	75	$1,446.59	$858.93	$2,305.52	$417,432.08
Mar, 2032	76	$1,443.62	$861.90	$2,305.52	$416,570.18
Apr, 2032	77	$1,440.64	$864.88	$2,305.52	$415,705.30
May, 2032	78	$1,437.65	$867.87	$2,305.52	$414,837.43
Jun, 2032	79	$1,434.65	$870.87	$2,305.52	$413,966.56
Jul, 2032	80	$1,431.63	$873.89	$2,305.52	$413,092.67
Aug, 2032	81	$1,428.61	$876.91	$2,305.52	$412,215.76
Sep, 2032	82	$1,425.58	$879.94	$2,305.52	$411,335.82
Oct, 2032	83	$1,422.54	$882.98	$2,305.52	$410,452.84
Nov, 2032	84	$1,419.48	$886.04	$2,305.52	$409,566.80
Dec, 2032	85	$1,416.42	$889.10	$2,305.52	$408,677.70
Jan, 2033	86	$1,413.34	$892.18	$2,305.52	$407,785.52
Feb, 2033	87	$1,410.26	$895.26	$2,305.52	$406,890.26
Mar, 2033	88	$1,407.16	$898.36	$2,305.52	$405,991.90
Apr, 2033	89	$1,404.06	$901.46	$2,305.52	$405,090.44
May, 2033	90	$1,400.94	$904.58	$2,305.52	$404,185.86
Jun, 2033	91	$1,397.81	$907.71	$2,305.52	$403,278.15
Jul, 2033	92	$1,394.67	$910.85	$2,305.52	$402,367.30
Aug, 2033	93	$1,391.52	$914.00	$2,305.52	$401,453.30
Sep, 2033	94	$1,388.36	$917.16	$2,305.52	$400,536.14
Oct, 2033	95	$1,385.19	$920.33	$2,305.52	$399,615.81
Nov, 2033	96	$1,382.00	$923.52	$2,305.52	$398,692.29
Dec, 2033	97	$1,378.81	$926.71	$2,305.52	$397,765.58
Jan, 2034	98	$1,375.61	$929.91	$2,305.52	$396,835.67
Feb, 2034	99	$1,372.39	$933.13	$2,305.52	$395,902.54
Mar, 2034	100	$1,369.16	$936.36	$2,305.52	$394,966.18
Apr, 2034	101	$1,365.92	$939.60	$2,305.52	$394,026.58
May, 2034	102	$1,362.68	$942.84	$2,305.52	$393,083.74
Jun, 2034	103	$1,359.41	$946.11	$2,305.52	$392,137.63
Jul, 2034	104	$1,356.14	$949.38	$2,305.52	$391,188.25
Aug, 2034	105	$1,352.86	$952.66	$2,305.52	$390,235.59
Sep, 2034	106	$1,349.56	$955.96	$2,305.52	$389,279.63
Oct, 2034	107	$1,346.26	$959.26	$2,305.52	$388,320.37
Nov, 2034	108	$1,342.94	$962.58	$2,305.52	$387,357.79
Dec, 2034	109	$1,339.61	$965.91	$2,305.52	$386,391.88
Jan, 2035	110	$1,336.27	$969.25	$2,305.52	$385,422.63
Feb, 2035	111	$1,332.92	$972.60	$2,305.52	$384,450.03
Mar, 2035	112	$1,329.56	$975.96	$2,305.52	$383,474.07
Apr, 2035	113	$1,326.18	$979.34	$2,305.52	$382,494.73
May, 2035	114	$1,322.79	$982.73	$2,305.52	$381,512.00
Jun, 2035	115	$1,319.40	$986.12	$2,305.52	$380,525.88
Jul, 2035	116	$1,315.99	$989.53	$2,305.52	$379,536.35
Aug, 2035	117	$1,312.56	$992.96	$2,305.52	$378,543.39
Sep, 2035	118	$1,309.13	$996.39	$2,305.52	$377,547.00
Oct, 2035	119	$1,305.68	$999.84	$2,305.52	$376,547.16
Nov, 2035	120	$1,302.23	$1,003.29	$2,305.52	$375,543.87
Dec, 2035	121	$1,298.76	$1,006.76	$2,305.52	$374,537.11
Jan, 2036	122	$1,295.27	$1,010.25	$2,305.52	$373,526.86
Feb, 2036	123	$1,291.78	$1,013.74	$2,305.52	$372,513.12
Mar, 2036	124	$1,288.27	$1,017.25	$2,305.52	$371,495.87
Apr, 2036	125	$1,284.76	$1,020.76	$2,305.52	$370,475.11
May, 2036	126	$1,281.23	$1,024.29	$2,305.52	$369,450.82
Jun, 2036	127	$1,277.68	$1,027.84	$2,305.52	$368,422.98
Jul, 2036	128	$1,274.13	$1,031.39	$2,305.52	$367,391.59
Aug, 2036	129	$1,270.56	$1,034.96	$2,305.52	$366,356.63
Sep, 2036	130	$1,266.98	$1,038.54	$2,305.52	$365,318.09
Oct, 2036	131	$1,263.39	$1,042.13	$2,305.52	$364,275.96
Nov, 2036	132	$1,259.79	$1,045.73	$2,305.52	$363,230.23
Dec, 2036	133	$1,256.17	$1,049.35	$2,305.52	$362,180.88
Jan, 2037	134	$1,252.54	$1,052.98	$2,305.52	$361,127.90
Feb, 2037	135	$1,248.90	$1,056.62	$2,305.52	$360,071.28
Mar, 2037	136	$1,245.25	$1,060.27	$2,305.52	$359,011.01
Apr, 2037	137	$1,241.58	$1,063.94	$2,305.52	$357,947.07
May, 2037	138	$1,237.90	$1,067.62	$2,305.52	$356,879.45
Jun, 2037	139	$1,234.21	$1,071.31	$2,305.52	$355,808.14
Jul, 2037	140	$1,230.50	$1,075.02	$2,305.52	$354,733.12
Aug, 2037	141	$1,226.79	$1,078.73	$2,305.52	$353,654.39
Sep, 2037	142	$1,223.05	$1,082.47	$2,305.52	$352,571.92
Oct, 2037	143	$1,219.31	$1,086.21	$2,305.52	$351,485.71
Nov, 2037	144	$1,215.55	$1,089.97	$2,305.52	$350,395.74
Dec, 2037	145	$1,211.79	$1,093.73	$2,305.52	$349,302.01
Jan, 2038	146	$1,208.00	$1,097.52	$2,305.52	$348,204.49
Feb, 2038	147	$1,204.21	$1,101.31	$2,305.52	$347,103.18
Mar, 2038	148	$1,200.40	$1,105.12	$2,305.52	$345,998.06
Apr, 2038	149	$1,196.58	$1,108.94	$2,305.52	$344,889.12
May, 2038	150	$1,192.74	$1,112.78	$2,305.52	$343,776.34
Jun, 2038	151	$1,188.89	$1,116.63	$2,305.52	$342,659.71
Jul, 2038	152	$1,185.03	$1,120.49	$2,305.52	$341,539.22
Aug, 2038	153	$1,181.16	$1,124.36	$2,305.52	$340,414.86
Sep, 2038	154	$1,177.27	$1,128.25	$2,305.52	$339,286.61
Oct, 2038	155	$1,173.37	$1,132.15	$2,305.52	$338,154.46
Nov, 2038	156	$1,169.45	$1,136.07	$2,305.52	$337,018.39
Dec, 2038	157	$1,165.52	$1,140.00	$2,305.52	$335,878.39
Jan, 2039	158	$1,161.58	$1,143.94	$2,305.52	$334,734.45
Feb, 2039	159	$1,157.62	$1,147.90	$2,305.52	$333,586.55
Mar, 2039	160	$1,153.65	$1,151.87	$2,305.52	$332,434.68
Apr, 2039	161	$1,149.67	$1,155.85	$2,305.52	$331,278.83
May, 2039	162	$1,145.67	$1,159.85	$2,305.52	$330,118.98
Jun, 2039	163	$1,141.66	$1,163.86	$2,305.52	$328,955.12
Jul, 2039	164	$1,137.64	$1,167.88	$2,305.52	$327,787.24
Aug, 2039	165	$1,133.60	$1,171.92	$2,305.52	$326,615.32
Sep, 2039	166	$1,129.54	$1,175.98	$2,305.52	$325,439.34
Oct, 2039	167	$1,125.48	$1,180.04	$2,305.52	$324,259.30
Nov, 2039	168	$1,121.40	$1,184.12	$2,305.52	$323,075.18
Dec, 2039	169	$1,117.30	$1,188.22	$2,305.52	$321,886.96
Jan, 2040	170	$1,113.19	$1,192.33	$2,305.52	$320,694.63
Feb, 2040	171	$1,109.07	$1,196.45	$2,305.52	$319,498.18
Mar, 2040	172	$1,104.93	$1,200.59	$2,305.52	$318,297.59
Apr, 2040	173	$1,100.78	$1,204.74	$2,305.52	$317,092.85
May, 2040	174	$1,096.61	$1,208.91	$2,305.52	$315,883.94
Jun, 2040	175	$1,092.43	$1,213.09	$2,305.52	$314,670.85
Jul, 2040	176	$1,088.24	$1,217.28	$2,305.52	$313,453.57
Aug, 2040	177	$1,084.03	$1,221.49	$2,305.52	$312,232.08
Sep, 2040	178	$1,079.80	$1,225.72	$2,305.52	$311,006.36
Oct, 2040	179	$1,075.56	$1,229.96	$2,305.52	$309,776.40
Nov, 2040	180	$1,071.31	$1,234.21	$2,305.52	$308,542.19
Dec, 2040	181	$1,067.04	$1,238.48	$2,305.52	$307,303.71
Jan, 2041	182	$1,062.76	$1,242.76	$2,305.52	$306,060.95
Feb, 2041	183	$1,058.46	$1,247.06	$2,305.52	$304,813.89
Mar, 2041	184	$1,054.15	$1,251.37	$2,305.52	$303,562.52
Apr, 2041	185	$1,049.82	$1,255.70	$2,305.52	$302,306.82
May, 2041	186	$1,045.48	$1,260.04	$2,305.52	$301,046.78
Jun, 2041	187	$1,041.12	$1,264.40	$2,305.52	$299,782.38
Jul, 2041	188	$1,036.75	$1,268.77	$2,305.52	$298,513.61
Aug, 2041	189	$1,032.36	$1,273.16	$2,305.52	$297,240.45
Sep, 2041	190	$1,027.96	$1,277.56	$2,305.52	$295,962.89
Oct, 2041	191	$1,023.54	$1,281.98	$2,305.52	$294,680.91
Nov, 2041	192	$1,019.10	$1,286.42	$2,305.52	$293,394.49
Dec, 2041	193	$1,014.66	$1,290.86	$2,305.52	$292,103.63
Jan, 2042	194	$1,010.19	$1,295.33	$2,305.52	$290,808.30
Feb, 2042	195	$1,005.71	$1,299.81	$2,305.52	$289,508.49
Mar, 2042	196	$1,001.22	$1,304.30	$2,305.52	$288,204.19
Apr, 2042	197	$996.71	$1,308.81	$2,305.52	$286,895.38
May, 2042	198	$992.18	$1,313.34	$2,305.52	$285,582.04
Jun, 2042	199	$987.64	$1,317.88	$2,305.52	$284,264.16
Jul, 2042	200	$983.08	$1,322.44	$2,305.52	$282,941.72
Aug, 2042	201	$978.51	$1,327.01	$2,305.52	$281,614.71
Sep, 2042	202	$973.92	$1,331.60	$2,305.52	$280,283.11
Oct, 2042	203	$969.31	$1,336.21	$2,305.52	$278,946.90
Nov, 2042	204	$964.69	$1,340.83	$2,305.52	$277,606.07
Dec, 2042	205	$960.05	$1,345.47	$2,305.52	$276,260.60
Jan, 2043	206	$955.40	$1,350.12	$2,305.52	$274,910.48
Feb, 2043	207	$950.73	$1,354.79	$2,305.52	$273,555.69
Mar, 2043	208	$946.05	$1,359.47	$2,305.52	$272,196.22
Apr, 2043	209	$941.35	$1,364.17	$2,305.52	$270,832.05
May, 2043	210	$936.63	$1,368.89	$2,305.52	$269,463.16
Jun, 2043	211	$931.89	$1,373.63	$2,305.52	$268,089.53
Jul, 2043	212	$927.14	$1,378.38	$2,305.52	$266,711.15
Aug, 2043	213	$922.38	$1,383.14	$2,305.52	$265,328.01
Sep, 2043	214	$917.59	$1,387.93	$2,305.52	$263,940.08
Oct, 2043	215	$912.79	$1,392.73	$2,305.52	$262,547.35
Nov, 2043	216	$907.98	$1,397.54	$2,305.52	$261,149.81
Dec, 2043	217	$903.14	$1,402.38	$2,305.52	$259,747.43
Jan, 2044	218	$898.29	$1,407.23	$2,305.52	$258,340.20
Feb, 2044	219	$893.43	$1,412.09	$2,305.52	$256,928.11
Mar, 2044	220	$888.54	$1,416.98	$2,305.52	$255,511.13
Apr, 2044	221	$883.64	$1,421.88	$2,305.52	$254,089.25
May, 2044	222	$878.73	$1,426.79	$2,305.52	$252,662.46
Jun, 2044	223	$873.79	$1,431.73	$2,305.52	$251,230.73
Jul, 2044	224	$868.84	$1,436.68	$2,305.52	$249,794.05
Aug, 2044	225	$863.87	$1,441.65	$2,305.52	$248,352.40
Sep, 2044	226	$858.89	$1,446.63	$2,305.52	$246,905.77
Oct, 2044	227	$853.88	$1,451.64	$2,305.52	$245,454.13
Nov, 2044	228	$848.86	$1,456.66	$2,305.52	$243,997.47
Dec, 2044	229	$843.82	$1,461.70	$2,305.52	$242,535.77
Jan, 2045	230	$838.77	$1,466.75	$2,305.52	$241,069.02
Feb, 2045	231	$833.70	$1,471.82	$2,305.52	$239,597.20
Mar, 2045	232	$828.61	$1,476.91	$2,305.52	$238,120.29
Apr, 2045	233	$823.50	$1,482.02	$2,305.52	$236,638.27
May, 2045	234	$818.37	$1,487.15	$2,305.52	$235,151.12
Jun, 2045	235	$813.23	$1,492.29	$2,305.52	$233,658.83
Jul, 2045	236	$808.07	$1,497.45	$2,305.52	$232,161.38
Aug, 2045	237	$802.89	$1,502.63	$2,305.52	$230,658.75
Sep, 2045	238	$797.69	$1,507.83	$2,305.52	$229,150.92
Oct, 2045	239	$792.48	$1,513.04	$2,305.52	$227,637.88
Nov, 2045	240	$787.25	$1,518.27	$2,305.52	$226,119.61
Dec, 2045	241	$782.00	$1,523.52	$2,305.52	$224,596.09
Jan, 2046	242	$776.73	$1,528.79	$2,305.52	$223,067.30
Feb, 2046	243	$771.44	$1,534.08	$2,305.52	$221,533.22
Mar, 2046	244	$766.14	$1,539.38	$2,305.52	$219,993.84
Apr, 2046	245	$760.81	$1,544.71	$2,305.52	$218,449.13
May, 2046	246	$755.47	$1,550.05	$2,305.52	$216,899.08
Jun, 2046	247	$750.11	$1,555.41	$2,305.52	$215,343.67
Jul, 2046	248	$744.73	$1,560.79	$2,305.52	$213,782.88
Aug, 2046	249	$739.33	$1,566.19	$2,305.52	$212,216.69
Sep, 2046	250	$733.92	$1,571.60	$2,305.52	$210,645.09
Oct, 2046	251	$728.48	$1,577.04	$2,305.52	$209,068.05
Nov, 2046	252	$723.03	$1,582.49	$2,305.52	$207,485.56
Dec, 2046	253	$717.55	$1,587.97	$2,305.52	$205,897.59
Jan, 2047	254	$712.06	$1,593.46	$2,305.52	$204,304.13
Feb, 2047	255	$706.55	$1,598.97	$2,305.52	$202,705.16
Mar, 2047	256	$701.02	$1,604.50	$2,305.52	$201,100.66
Apr, 2047	257	$695.47	$1,610.05	$2,305.52	$199,490.61
May, 2047	258	$689.91	$1,615.61	$2,305.52	$197,875.00
Jun, 2047	259	$684.32	$1,621.20	$2,305.52	$196,253.80
Jul, 2047	260	$678.71	$1,626.81	$2,305.52	$194,626.99
Aug, 2047	261	$673.09	$1,632.43	$2,305.52	$192,994.56
Sep, 2047	262	$667.44	$1,638.08	$2,305.52	$191,356.48
Oct, 2047	263	$661.77	$1,643.75	$2,305.52	$189,712.73
Nov, 2047	264	$656.09	$1,649.43	$2,305.52	$188,063.30
Dec, 2047	265	$650.39	$1,655.13	$2,305.52	$186,408.17
Jan, 2048	266	$644.66	$1,660.86	$2,305.52	$184,747.31
Feb, 2048	267	$638.92	$1,666.60	$2,305.52	$183,080.71
Mar, 2048	268	$633.15	$1,672.37	$2,305.52	$181,408.34
Apr, 2048	269	$627.37	$1,678.15	$2,305.52	$179,730.19
May, 2048	270	$621.57	$1,683.95	$2,305.52	$178,046.24
Jun, 2048	271	$615.74	$1,689.78	$2,305.52	$176,356.46
Jul, 2048	272	$609.90	$1,695.62	$2,305.52	$174,660.84
Aug, 2048	273	$604.04	$1,701.48	$2,305.52	$172,959.36
Sep, 2048	274	$598.15	$1,707.37	$2,305.52	$171,251.99
Oct, 2048	275	$592.25	$1,713.27	$2,305.52	$169,538.72
Nov, 2048	276	$586.32	$1,719.20	$2,305.52	$167,819.52
Dec, 2048	277	$580.38	$1,725.14	$2,305.52	$166,094.38
Jan, 2049	278	$574.41	$1,731.11	$2,305.52	$164,363.27
Feb, 2049	279	$568.42	$1,737.10	$2,305.52	$162,626.17
Mar, 2049	280	$562.42	$1,743.10	$2,305.52	$160,883.07
Apr, 2049	281	$556.39	$1,749.13	$2,305.52	$159,133.94
May, 2049	282	$550.34	$1,755.18	$2,305.52	$157,378.76
Jun, 2049	283	$544.27	$1,761.25	$2,305.52	$155,617.51
Jul, 2049	284	$538.18	$1,767.34	$2,305.52	$153,850.17
Aug, 2049	285	$532.07	$1,773.45	$2,305.52	$152,076.72
Sep, 2049	286	$525.93	$1,779.59	$2,305.52	$150,297.13
Oct, 2049	287	$519.78	$1,785.74	$2,305.52	$148,511.39
Nov, 2049	288	$513.60	$1,791.92	$2,305.52	$146,719.47
Dec, 2049	289	$507.40	$1,798.12	$2,305.52	$144,921.35
Jan, 2050	290	$501.19	$1,804.33	$2,305.52	$143,117.02
Feb, 2050	291	$494.95	$1,810.57	$2,305.52	$141,306.45
Mar, 2050	292	$488.68	$1,816.84	$2,305.52	$139,489.61
Apr, 2050	293	$482.40	$1,823.12	$2,305.52	$137,666.49
May, 2050	294	$476.10	$1,829.42	$2,305.52	$135,837.07
Jun, 2050	295	$469.77	$1,835.75	$2,305.52	$134,001.32
Jul, 2050	296	$463.42	$1,842.10	$2,305.52	$132,159.22
Aug, 2050	297	$457.05	$1,848.47	$2,305.52	$130,310.75
Sep, 2050	298	$450.66	$1,854.86	$2,305.52	$128,455.89
Oct, 2050	299	$444.24	$1,861.28	$2,305.52	$126,594.61
Nov, 2050	300	$437.81	$1,867.71	$2,305.52	$124,726.90
Dec, 2050	301	$431.35	$1,874.17	$2,305.52	$122,852.73
Jan, 2051	302	$424.87	$1,880.65	$2,305.52	$120,972.08
Feb, 2051	303	$418.36	$1,887.16	$2,305.52	$119,084.92
Mar, 2051	304	$411.84	$1,893.68	$2,305.52	$117,191.24
Apr, 2051	305	$405.29	$1,900.23	$2,305.52	$115,291.01
May, 2051	306	$398.71	$1,906.81	$2,305.52	$113,384.20
Jun, 2051	307	$392.12	$1,913.40	$2,305.52	$111,470.80
Jul, 2051	308	$385.50	$1,920.02	$2,305.52	$109,550.78
Aug, 2051	309	$378.86	$1,926.66	$2,305.52	$107,624.12
Sep, 2051	310	$372.20	$1,933.32	$2,305.52	$105,690.80
Oct, 2051	311	$365.51	$1,940.01	$2,305.52	$103,750.79
Nov, 2051	312	$358.80	$1,946.72	$2,305.52	$101,804.07
Dec, 2051	313	$352.07	$1,953.45	$2,305.52	$99,850.62
Jan, 2052	314	$345.32	$1,960.20	$2,305.52	$97,890.42
Feb, 2052	315	$338.54	$1,966.98	$2,305.52	$95,923.44
Mar, 2052	316	$331.74	$1,973.78	$2,305.52	$93,949.66
Apr, 2052	317	$324.91	$1,980.61	$2,305.52	$91,969.05
May, 2052	318	$318.06	$1,987.46	$2,305.52	$89,981.59
Jun, 2052	319	$311.19	$1,994.33	$2,305.52	$87,987.26
Jul, 2052	320	$304.29	$2,001.23	$2,305.52	$85,986.03
Aug, 2052	321	$297.37	$2,008.15	$2,305.52	$83,977.88
Sep, 2052	322	$290.42	$2,015.10	$2,305.52	$81,962.78
Oct, 2052	323	$283.45	$2,022.07	$2,305.52	$79,940.71
Nov, 2052	324	$276.46	$2,029.06	$2,305.52	$77,911.65
Dec, 2052	325	$269.44	$2,036.08	$2,305.52	$75,875.57
Jan, 2053	326	$262.40	$2,043.12	$2,305.52	$73,832.45
Feb, 2053	327	$255.34	$2,050.18	$2,305.52	$71,782.27
Mar, 2053	328	$248.25	$2,057.27	$2,305.52	$69,725.00
Apr, 2053	329	$241.13	$2,064.39	$2,305.52	$67,660.61
May, 2053	330	$233.99	$2,071.53	$2,305.52	$65,589.08
Jun, 2053	331	$226.83	$2,078.69	$2,305.52	$63,510.39
Jul, 2053	332	$219.64	$2,085.88	$2,305.52	$61,424.51
Aug, 2053	333	$212.43	$2,093.09	$2,305.52	$59,331.42
Sep, 2053	334	$205.19	$2,100.33	$2,305.52	$57,231.09
Oct, 2053	335	$197.92	$2,107.60	$2,305.52	$55,123.49
Nov, 2053	336	$190.64	$2,114.88	$2,305.52	$53,008.61
Dec, 2053	337	$183.32	$2,122.20	$2,305.52	$50,886.41
Jan, 2054	338	$175.98	$2,129.54	$2,305.52	$48,756.87
Feb, 2054	339	$168.62	$2,136.90	$2,305.52	$46,619.97
Mar, 2054	340	$161.23	$2,144.29	$2,305.52	$44,475.68
Apr, 2054	341	$153.81	$2,151.71	$2,305.52	$42,323.97
May, 2054	342	$146.37	$2,159.15	$2,305.52	$40,164.82
Jun, 2054	343	$138.90	$2,166.62	$2,305.52	$37,998.20
Jul, 2054	344	$131.41	$2,174.11	$2,305.52	$35,824.09
Aug, 2054	345	$123.89	$2,181.63	$2,305.52	$33,642.46
Sep, 2054	346	$116.35	$2,189.17	$2,305.52	$31,453.29
Oct, 2054	347	$108.78	$2,196.74	$2,305.52	$29,256.55
Nov, 2054	348	$101.18	$2,204.34	$2,305.52	$27,052.21
Dec, 2054	349	$93.56	$2,211.96	$2,305.52	$24,840.25
Jan, 2055	350	$85.91	$2,219.61	$2,305.52	$22,620.64
Feb, 2055	351	$78.23	$2,227.29	$2,305.52	$20,393.35
Mar, 2055	352	$70.53	$2,234.99	$2,305.52	$18,158.36
Apr, 2055	353	$62.80	$2,242.72	$2,305.52	$15,915.64
May, 2055	354	$55.04	$2,250.48	$2,305.52	$13,665.16
Jun, 2055	355	$47.26	$2,258.26	$2,305.52	$11,406.90
Jul, 2055	356	$39.45	$2,266.07	$2,305.52	$9,140.83
Aug, 2055	357	$31.61	$2,273.91	$2,305.52	$6,866.92
Sep, 2055	358	$23.75	$2,281.77	$2,305.52	$4,585.15
Oct, 2055	359	$15.86	$2,289.66	$2,305.52	$2,295.49
Nov, 2055	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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