This interest only mortgage calculator helps you work out what your standard repayments during and after an interest-only period will be based on your loan amount. Repayments frequency can be changed to monthly, fortnightly or weekly. Calculate both Principal and Interest repayments for a loan term.
Conclusion: It does not take into account any possible up-front fees. Only Ongoing fees are used not Upfront or End of loan fees (i.e. discharge costs) Interest rate does not change over the loan term. Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.
Interest only mortgage is interest-only payments within a specified period of time which is usually five years for a 30-year loan. After the interest-only period, the loan is amortized for the remainder of the term. This means that your monthly repayment is going to be higher as you are going to start paying for the principal of the loan too. If you would want to enjoy light payments on your loan for the first few months or years of your finance, this is the financial calculator that you need to be able to do so.
The computation for the interest-only payment is quite simple. Get the unpaid loan balance then multiply it by the interest rate. The figure you get is the annual interest, divide this amount by 12 months. What you get are your monthly interest repayments.
Computing takes so much time and it’s open to human mistakes. We want to make sure that we get the right amount for loan payments and there’s no room for mistakes especially if we are talking about our finances. Make computing easy and accurate (at least based on the info you provide) with easy to use mortgage calculators.
The interest only mortgage calculator will give you an idea of payments that you need to pay each month,during and after an interest-only period. Computations will be based on your loan amount, interest rate, loan term, repayment frequency, repayment only period, and loan fees if any applicable.
The results will provide you with the following:
Note that all results given by the calculator are an estimation and dependent on the information you provide. The results may vary to the actual monthly repayments due to many conditions or factors that may not have been provided as information.