The rates on interest-only loans can change as often as monthly, or may be fixed for a 10-year period. Check to see how your interest-only rate can change your mortgage payment.
Use this calculator to calculate a monthly payment on an interest-only mortgage.
Please note: We offer this calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your mortgage lender may make its calculations in a different way. All calculations are examples only.
Do you have bad credit, low income, over-leveraged, or looking for solutions outside the conventional lending box? Are you tired of the bank bureaucracy, politics or games? With the marketplace changing and the bank’s rules becoming more stringent, it is extremely difficult working with the traditional banking solutions and it is not for everyone.