Interest Only Mortgage Calculator
If you are planning to take an interest-only mortgage or you have already taken an interest-only mortgage, our Interest Only Mortgage Calculator can help you calculate your regular payments without any hassle.
The Interest Only Mortgage Calculator is designed to help you in calculating your regular payments during and after the interest-only period by simply making a few clicks. Calculations made by this calculator are based on the loan amount. It helps you work out the total interest charges on your mortgage and reduce the monthly repayments.
Interest only loan plans can reduce your financial burden initially as you have to pay monthly repayments on your interest charges only for a certain period.
If you are planning to take an interest-only mortgage to reduce the monthly payments or find more flexibility for your money, this calculator is the perfect tool to choose the right deal for your financial decision.
How to use the Interest Only Mortgage Calculator?
Interest Only Mortgage Calculator is very simple to use. If you have taken an interest-only mortgage or you are planning to make one,it can be a reliable tool because it forecasts your monthly repayments during and after the interest-only period.
To calculate your monthly repayments, simply enter the variables as mentioned and your monthly repayments during and after the interest-only period, total interest/fee payable as well as total payments on your mortgage will be displayed precisely.
Enter the following variables to use the calculator
Loan Amount: Loan Amount means the amount that you intend to borrow for your home loan.
Interest Rate: Interest Rate is the rate that is determined by the mortgage provider on your loan.
Loan Term: Loan Term is the time duration within which you plan to repay your mortgage. You can choose a Loan Term that suits you the best from the options provided by the lenders.
Loan Fee: Applicable charges on your mortgage.
Repayment Frequency: Repayment Frequency is the interval of repayments which is monthly, fortnightly or weekly determined by the mortgage provider.
Interest-Only Period: It is a certain period in the entire loan term where you can only pay monthly interest charges in your loan. After the interest only period is over, your loan repayments will enter the full amortization phase.
Interest Only Mortgage Calculator can be used to calculate monthly repayments for both interest-only and full amortization phase in the loan term.
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