Interest Only Mortgage Calculator

Calculate payments for an interest-only mortgage and see the payment increase when amortization begins.

  • Methods explained
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  • Compare saved scenarios

Loan Details

$
%
10 years
30 years

Payment Summary

Interest-Only Payment$1,625
Amortized Payment$2,237
Payment Increase$612

Interest Costs

Interest-Only Period Interest$195,000
Amortized Period Interest$236,813
Total Interest$431,813
Total Payment$731,813
How it works›

Model and assumptions. Amortizing payments use P × r / (1 − (1 + r)^−n), where r is the monthly rate and n the payment count. Interest-only payments use P × r. Remaining principal is still owed at the modeled balloon or comparison date; fees and future refinancing are separate assumptions.CFPB: mortgage termsOpenStax: annuity formulas