Mortgage, Interest Only Calculator
Mortgage
Price =
Down Payment = 0
Interest/Yr =
Payment Timing = 12
Years = 10
Payment =
Summary/Analysis
Begin Year = 1
End Year = 1
Total Paid =
Loan Amount =
Down Payment =
Help
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.
Rows
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.
Examples
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.
Keywords
Price
Down Payment
Interest/Yr
Payment Timing
Years
Payment
Begin Year
End Year
Total Paid
Loan Amount
Down Payment
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Balloon Payment
Balloon
