Amortization Schedule


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.

Interest Only Amortization Calculator

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


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:
May, 2024
Payoff Date:
Apr, 2054
Total Interest Paid:
$348,567.67
Total Payment:
$768,569.76

Interest Only Amortization Schedule

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