Price =

Down Payment = 0

Interest/Yr =

Payment Timing = 12

Years = 10

Payment =

Begin Year = 1

End Year = 1

Total Paid =

Loan Amount =

Down Payment =

Performs interest only mortgage calculations where only interest is paid until a designated date. At that time, the loan is paid off in full (called a balloon payment). This includes calculating various mortgage variables and summary analysis. Includes both conventional and Canadian mortgages.

Mortgage

- Price: Negotiated price of the home.

- Down Payment: Mortgage down payment expressed as an amount.

- Interest/Yr%: Annual interest rate for the mortgage expressed as a percentage.

- Payment Timing: How often payments are made. Options include Bi-Weekly (payments every two weeks; 26 payments per year); 2x/Month (payments on 15th and 30th); 24 payments per year); Monthly (12 per year); Quarterly (4 per year); 2x/Year (2 per year); Yearly (1 per year). Payments are always made at the end of the period.

- Years: Number of years for the mortgage.

- Payment: Amount to be paid based on the Payment Timing. For example, if Payment Timing is set to Monthly then Payment is the monthly payment amount.

Summary/Analysis

- Begin Year: Starting year to calculate total payment and interest information.

- End Year: Ending year to calculate total payment and interest information.

- Total Paid: Total interest and principal paid over the designated range. It is assumed that the principal must be paid in the last year.

- Loan Amount: Actual loan amount after the down payment is removed from the price.

- Down Payment%: Down payment expressed as a percentage of price.

What's the payment on an interest only loan of $120,000 with 10% down? The loan is for 2 years at 8% interest with payments due monthly. A balloon payment is expected at the end of 2 years.

- Price: 120,000.00

- Down Payment: 12,000.00

- Interest/Yr%: 8.000

- Payment Timing: Monthly

- Years: 2

Select "=" on Payment row. The monthly payment is $720.00.

Price

Down Payment

Interest/Yr

Payment Timing

Years

Payment

Begin Year

End Year

Total Paid

Loan Amount

Down Payment

-------------

Balloon Payment

Balloon