Interest Only Loan Calculator

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