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:
Oct, 2023
Payoff Date:
Sep, 2053
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
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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