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Interest Only Payment Calculator
Interest only mortgages are available just to be used until another mortgage "kicks in." Certain types of mortgages and other loans, usually temporary loans and Home Equity Lines of Credit (HELOCs), require only the interest to be paid.
With an interest only payment loan, it doesn't matter how many monthly payments are made because the principal never increases or decreases. This is why there is no "number of payments" entry on the form.
When only interest is being paid, the loan will never be paid off. There is no such thing as an interest only Amortization Table because with an interest only loan no amortization takes place. The same amount is owed at the end of the loan as was owed at the beginning. In other words, the final amount of the loan is the same as the original amount.
Site Map | Refinance Calculator Info Page | Monthly Payment | Total Principal | Number of Payments | Interest Rate | Interest Only Payment Calculator | Pay down mortgage calculator | Pay Down Mortgage Calculator2 | Save Big on Your Mortgage | Save Big on Your Mortgage Page 2 | Amortization Schedule | Payment Breakdown | Amortization Table | Negative Amortization Table | Difference Between Biweekly Bimonthly | Mortgage Biweekly Payment Calculator | Student Loan Repayment Calculator | Pay Credit Card Debt Quick | Return on Investment | Plain Old Calculator | Financial Help Page