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| Loan | Mortgage | Car | Commercial | Student | Biweekly | Extra Payments | Payoff | Excel |
Interest Only Loan Calculator
Interest Only Loan Calculator with amortization schedule to calculate monthly payment for your interest only loan. The interest-only payment calculator will calculate the monthly payments for both the interest-only period and repayment period.
Interest Only Mortgage Calculator |
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Mortgage Amount: |
$450,000.00 | |||||
Monthly Payment: |
$1,406.25 for 72 payments $2,371.98 for 288 payments |
|||||
Interest Only Terms: |
6 years | |||||
Total Terms: |
30 years | |||||
Total # Of Payments: |
360 | |||||
Start Date: |
Nov, 2024 | |||||
Payoff Date: |
Oct, 2054 | |||||
Total Interest Paid: |
$334,379.79 | |||||
Total Payment: |
$784,380.24 | |||||
Interest Only Mortgage Amortization Schedule |
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| Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
|---|---|---|---|---|---|---|
| Nov, 2024 | 1 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Dec, 2024 | 2 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jan, 2025 | 3 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Feb, 2025 | 4 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Mar, 2025 | 5 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Apr, 2025 | 6 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| May, 2025 | 7 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jun, 2025 | 8 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jul, 2025 | 9 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Aug, 2025 | 10 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Sep, 2025 | 11 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Oct, 2025 | 12 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Nov, 2025 | 13 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Dec, 2025 | 14 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jan, 2026 | 15 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Feb, 2026 | 16 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Mar, 2026 | 17 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Apr, 2026 | 18 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| May, 2026 | 19 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jun, 2026 | 20 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jul, 2026 | 21 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Aug, 2026 | 22 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Sep, 2026 | 23 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Oct, 2026 | 24 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Nov, 2026 | 25 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Dec, 2026 | 26 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jan, 2027 | 27 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Feb, 2027 | 28 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Mar, 2027 | 29 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Apr, 2027 | 30 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| May, 2027 | 31 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jun, 2027 | 32 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jul, 2027 | 33 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Aug, 2027 | 34 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Sep, 2027 | 35 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Oct, 2027 | 36 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Nov, 2027 | 37 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Dec, 2027 | 38 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jan, 2028 | 39 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Feb, 2028 | 40 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Mar, 2028 | 41 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Apr, 2028 | 42 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| May, 2028 | 43 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jun, 2028 | 44 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jul, 2028 | 45 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Aug, 2028 | 46 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Sep, 2028 | 47 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Oct, 2028 | 48 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Nov, 2028 | 49 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Dec, 2028 | 50 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jan, 2029 | 51 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Feb, 2029 | 52 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Mar, 2029 | 53 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Apr, 2029 | 54 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| May, 2029 | 55 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jun, 2029 | 56 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jul, 2029 | 57 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Aug, 2029 | 58 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Sep, 2029 | 59 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Oct, 2029 | 60 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Nov, 2029 | 61 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Dec, 2029 | 62 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jan, 2030 | 63 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Feb, 2030 | 64 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Mar, 2030 | 65 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Apr, 2030 | 66 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| May, 2030 | 67 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jun, 2030 | 68 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Jul, 2030 | 69 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Aug, 2030 | 70 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Sep, 2030 | 71 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Oct, 2030 | 72 | $1,406.25 | $0.00 | $1,406.25 | $450,000.00 | |
| Nov, 2030 | 73 | $1,406.25 | $965.73 | $2,371.98 | $449,034.27 | |
| Dec, 2030 | 74 | $1,403.23 | $968.75 | $2,371.98 | $448,065.52 | |
| Jan, 2031 | 75 | $1,400.20 | $971.78 | $2,371.98 | $447,093.74 | |
| Feb, 2031 | 76 | $1,397.17 | $974.81 | $2,371.98 | $446,118.93 | |
| Mar, 2031 | 77 | $1,394.12 | $977.86 | $2,371.98 | $445,141.07 | |
| Apr, 2031 | 78 | $1,391.07 | $980.91 | $2,371.98 | $444,160.16 | |
| May, 2031 | 79 | $1,388.00 | $983.98 | $2,371.98 | $443,176.18 | |
| Jun, 2031 | 80 | $1,384.93 | $987.05 | $2,371.98 | $442,189.13 | |
| Jul, 2031 | 81 | $1,381.84 | $990.14 | $2,371.98 | $441,198.99 | |
| Aug, 2031 | 82 | $1,378.75 | $993.23 | $2,371.98 | $440,205.76 | |
| Sep, 2031 | 83 | $1,375.64 | $996.34 | $2,371.98 | $439,209.42 | |
| Oct, 2031 | 84 | $1,372.53 | $999.45 | $2,371.98 | $438,209.97 | |
| Nov, 2031 | 85 | $1,369.41 | $1,002.57 | $2,371.98 | $437,207.40 | |
| Dec, 2031 | 86 | $1,366.27 | $1,005.71 | $2,371.98 | $436,201.69 | |
| Jan, 2032 | 87 | $1,363.13 | $1,008.85 | $2,371.98 | $435,192.84 | |
| Feb, 2032 | 88 | $1,359.98 | $1,012.00 | $2,371.98 | $434,180.84 | |
| Mar, 2032 | 89 | $1,356.82 | $1,015.16 | $2,371.98 | $433,165.68 | |
| Apr, 2032 | 90 | $1,353.64 | $1,018.34 | $2,371.98 | $432,147.34 | |
| May, 2032 | 91 | $1,350.46 | $1,021.52 | $2,371.98 | $431,125.82 | |
| Jun, 2032 | 92 | $1,347.27 | $1,024.71 | $2,371.98 | $430,101.11 | |
| Jul, 2032 | 93 | $1,344.07 | $1,027.91 | $2,371.98 | $429,073.20 | |
| Aug, 2032 | 94 | $1,340.85 | $1,031.13 | $2,371.98 | $428,042.07 | |
| Sep, 2032 | 95 | $1,337.63 | $1,034.35 | $2,371.98 | $427,007.72 | |
| Oct, 2032 | 96 | $1,334.40 | $1,037.58 | $2,371.98 | $425,970.14 | |
| Nov, 2032 | 97 | $1,331.16 | $1,040.82 | $2,371.98 | $424,929.32 | |
| Dec, 2032 | 98 | $1,327.90 | $1,044.08 | $2,371.98 | $423,885.24 | |
| Jan, 2033 | 99 | $1,324.64 | $1,047.34 | $2,371.98 | $422,837.90 | |
| Feb, 2033 | 100 | $1,321.37 | $1,050.61 | $2,371.98 | $421,787.29 | |
| Mar, 2033 | 101 | $1,318.09 | $1,053.89 | $2,371.98 | $420,733.40 | |
| Apr, 2033 | 102 | $1,314.79 | $1,057.19 | $2,371.98 | $419,676.21 | |
| May, 2033 | 103 | $1,311.49 | $1,060.49 | $2,371.98 | $418,615.72 | |
| Jun, 2033 | 104 | $1,308.17 | $1,063.81 | $2,371.98 | $417,551.91 | |
| Jul, 2033 | 105 | $1,304.85 | $1,067.13 | $2,371.98 | $416,484.78 | |
| Aug, 2033 | 106 | $1,301.51 | $1,070.47 | $2,371.98 | $415,414.31 | |
| Sep, 2033 | 107 | $1,298.17 | $1,073.81 | $2,371.98 | $414,340.50 | |
| Oct, 2033 | 108 | $1,294.81 | $1,077.17 | $2,371.98 | $413,263.33 | |
| Nov, 2033 | 109 | $1,291.45 | $1,080.53 | $2,371.98 | $412,182.80 | |
| Dec, 2033 | 110 | $1,288.07 | $1,083.91 | $2,371.98 | $411,098.89 | |
| Jan, 2034 | 111 | $1,284.68 | $1,087.30 | $2,371.98 | $410,011.59 | |
| Feb, 2034 | 112 | $1,281.29 | $1,090.69 | $2,371.98 | $408,920.90 | |
| Mar, 2034 | 113 | $1,277.88 | $1,094.10 | $2,371.98 | $407,826.80 | |
| Apr, 2034 | 114 | $1,274.46 | $1,097.52 | $2,371.98 | $406,729.28 | |
| May, 2034 | 115 | $1,271.03 | $1,100.95 | $2,371.98 | $405,628.33 | |
| Jun, 2034 | 116 | $1,267.59 | $1,104.39 | $2,371.98 | $404,523.94 | |
| Jul, 2034 | 117 | $1,264.14 | $1,107.84 | $2,371.98 | $403,416.10 | |
| Aug, 2034 | 118 | $1,260.68 | $1,111.30 | $2,371.98 | $402,304.80 | |
| Sep, 2034 | 119 | $1,257.20 | $1,114.78 | $2,371.98 | $401,190.02 | |
| Oct, 2034 | 120 | $1,253.72 | $1,118.26 | $2,371.98 | $400,071.76 | |
| Nov, 2034 | 121 | $1,250.22 | $1,121.76 | $2,371.98 | $398,950.00 | |
| Dec, 2034 | 122 | $1,246.72 | $1,125.26 | $2,371.98 | $397,824.74 | |
| Jan, 2035 | 123 | $1,243.20 | $1,128.78 | $2,371.98 | $396,695.96 | |
| Feb, 2035 | 124 | $1,239.67 | $1,132.31 | $2,371.98 | $395,563.65 | |
| Mar, 2035 | 125 | $1,236.14 | $1,135.84 | $2,371.98 | $394,427.81 | |
| Apr, 2035 | 126 | $1,232.59 | $1,139.39 | $2,371.98 | $393,288.42 | |
| May, 2035 | 127 | $1,229.03 | $1,142.95 | $2,371.98 | $392,145.47 | |
| Jun, 2035 | 128 | $1,225.45 | $1,146.53 | $2,371.98 | $390,998.94 | |
| Jul, 2035 | 129 | $1,221.87 | $1,150.11 | $2,371.98 | $389,848.83 | |
| Aug, 2035 | 130 | $1,218.28 | $1,153.70 | $2,371.98 | $388,695.13 | |
| Sep, 2035 | 131 | $1,214.67 | $1,157.31 | $2,371.98 | $387,537.82 | |
| Oct, 2035 | 132 | $1,211.06 | $1,160.92 | $2,371.98 | $386,376.90 | |
| Nov, 2035 | 133 | $1,207.43 | $1,164.55 | $2,371.98 | $385,212.35 | |
| Dec, 2035 | 134 | $1,203.79 | $1,168.19 | $2,371.98 | $384,044.16 | |
| Jan, 2036 | 135 | $1,200.14 | $1,171.84 | $2,371.98 | $382,872.32 | |
| Feb, 2036 | 136 | $1,196.48 | $1,175.50 | $2,371.98 | $381,696.82 | |
| Mar, 2036 | 137 | $1,192.80 | $1,179.18 | $2,371.98 | $380,517.64 | |
| Apr, 2036 | 138 | $1,189.12 | $1,182.86 | $2,371.98 | $379,334.78 | |
| May, 2036 | 139 | $1,185.42 | $1,186.56 | $2,371.98 | $378,148.22 | |
| Jun, 2036 | 140 | $1,181.71 | $1,190.27 | $2,371.98 | $376,957.95 | |
| Jul, 2036 | 141 | $1,177.99 | $1,193.99 | $2,371.98 | $375,763.96 | |
| Aug, 2036 | 142 | $1,174.26 | $1,197.72 | $2,371.98 | $374,566.24 | |
| Sep, 2036 | 143 | $1,170.52 | $1,201.46 | $2,371.98 | $373,364.78 | |
| Oct, 2036 | 144 | $1,166.76 | $1,205.22 | $2,371.98 | $372,159.56 | |
| Nov, 2036 | 145 | $1,163.00 | $1,208.98 | $2,371.98 | $370,950.58 | |
| Dec, 2036 | 146 | $1,159.22 | $1,212.76 | $2,371.98 | $369,737.82 | |
| Jan, 2037 | 147 | $1,155.43 | $1,216.55 | $2,371.98 | $368,521.27 | |
| Feb, 2037 | 148 | $1,151.63 | $1,220.35 | $2,371.98 | $367,300.92 | |
| Mar, 2037 | 149 | $1,147.82 | $1,224.16 | $2,371.98 | $366,076.76 | |
| Apr, 2037 | 150 | $1,143.99 | $1,227.99 | $2,371.98 | $364,848.77 | |
| May, 2037 | 151 | $1,140.15 | $1,231.83 | $2,371.98 | $363,616.94 | |
| Jun, 2037 | 152 | $1,136.30 | $1,235.68 | $2,371.98 | $362,381.26 | |
| Jul, 2037 | 153 | $1,132.44 | $1,239.54 | $2,371.98 | $361,141.72 | |
| Aug, 2037 | 154 | $1,128.57 | $1,243.41 | $2,371.98 | $359,898.31 | |
| Sep, 2037 | 155 | $1,124.68 | $1,247.30 | $2,371.98 | $358,651.01 | |
| Oct, 2037 | 156 | $1,120.78 | $1,251.20 | $2,371.98 | $357,399.81 | |
| Nov, 2037 | 157 | $1,116.87 | $1,255.11 | $2,371.98 | $356,144.70 | |
| Dec, 2037 | 158 | $1,112.95 | $1,259.03 | $2,371.98 | $354,885.67 | |
| Jan, 2038 | 159 | $1,109.02 | $1,262.96 | $2,371.98 | $353,622.71 | |
| Feb, 2038 | 160 | $1,105.07 | $1,266.91 | $2,371.98 | $352,355.80 | |
| Mar, 2038 | 161 | $1,101.11 | $1,270.87 | $2,371.98 | $351,084.93 | |
| Apr, 2038 | 162 | $1,097.14 | $1,274.84 | $2,371.98 | $349,810.09 | |
| May, 2038 | 163 | $1,093.16 | $1,278.82 | $2,371.98 | $348,531.27 | |
| Jun, 2038 | 164 | $1,089.16 | $1,282.82 | $2,371.98 | $347,248.45 | |
| Jul, 2038 | 165 | $1,085.15 | $1,286.83 | $2,371.98 | $345,961.62 | |
| Aug, 2038 | 166 | $1,081.13 | $1,290.85 | $2,371.98 | $344,670.77 | |
| Sep, 2038 | 167 | $1,077.10 | $1,294.88 | $2,371.98 | $343,375.89 | |
| Oct, 2038 | 168 | $1,073.05 | $1,298.93 | $2,371.98 | $342,076.96 | |
| Nov, 2038 | 169 | $1,068.99 | $1,302.99 | $2,371.98 | $340,773.97 | |
| Dec, 2038 | 170 | $1,064.92 | $1,307.06 | $2,371.98 | $339,466.91 | |
| Jan, 2039 | 171 | $1,060.83 | $1,311.15 | $2,371.98 | $338,155.76 | |
| Feb, 2039 | 172 | $1,056.74 | $1,315.24 | $2,371.98 | $336,840.52 | |
| Mar, 2039 | 173 | $1,052.63 | $1,319.35 | $2,371.98 | $335,521.17 | |
| Apr, 2039 | 174 | $1,048.50 | $1,323.48 | $2,371.98 | $334,197.69 | |
| May, 2039 | 175 | $1,044.37 | $1,327.61 | $2,371.98 | $332,870.08 | |
| Jun, 2039 | 176 | $1,040.22 | $1,331.76 | $2,371.98 | $331,538.32 | |
| Jul, 2039 | 177 | $1,036.06 | $1,335.92 | $2,371.98 | $330,202.40 | |
| Aug, 2039 | 178 | $1,031.88 | $1,340.10 | $2,371.98 | $328,862.30 | |
| Sep, 2039 | 179 | $1,027.69 | $1,344.29 | $2,371.98 | $327,518.01 | |
| Oct, 2039 | 180 | $1,023.49 | $1,348.49 | $2,371.98 | $326,169.52 | |
| Nov, 2039 | 181 | $1,019.28 | $1,352.70 | $2,371.98 | $324,816.82 | |
| Dec, 2039 | 182 | $1,015.05 | $1,356.93 | $2,371.98 | $323,459.89 | |
| Jan, 2040 | 183 | $1,010.81 | $1,361.17 | $2,371.98 | $322,098.72 | |
| Feb, 2040 | 184 | $1,006.56 | $1,365.42 | $2,371.98 | $320,733.30 | |
| Mar, 2040 | 185 | $1,002.29 | $1,369.69 | $2,371.98 | $319,363.61 | |
| Apr, 2040 | 186 | $998.01 | $1,373.97 | $2,371.98 | $317,989.64 | |
| May, 2040 | 187 | $993.72 | $1,378.26 | $2,371.98 | $316,611.38 | |
| Jun, 2040 | 188 | $989.41 | $1,382.57 | $2,371.98 | $315,228.81 | |
| Jul, 2040 | 189 | $985.09 | $1,386.89 | $2,371.98 | $313,841.92 | |
| Aug, 2040 | 190 | $980.76 | $1,391.22 | $2,371.98 | $312,450.70 | |
| Sep, 2040 | 191 | $976.41 | $1,395.57 | $2,371.98 | $311,055.13 | |
| Oct, 2040 | 192 | $972.05 | $1,399.93 | $2,371.98 | $309,655.20 | |
| Nov, 2040 | 193 | $967.67 | $1,404.31 | $2,371.98 | $308,250.89 | |
| Dec, 2040 | 194 | $963.28 | $1,408.70 | $2,371.98 | $306,842.19 | |
| Jan, 2041 | 195 | $958.88 | $1,413.10 | $2,371.98 | $305,429.09 | |
| Feb, 2041 | 196 | $954.47 | $1,417.51 | $2,371.98 | $304,011.58 | |
| Mar, 2041 | 197 | $950.04 | $1,421.94 | $2,371.98 | $302,589.64 | |
| Apr, 2041 | 198 | $945.59 | $1,426.39 | $2,371.98 | $301,163.25 | |
| May, 2041 | 199 | $941.14 | $1,430.84 | $2,371.98 | $299,732.41 | |
| Jun, 2041 | 200 | $936.66 | $1,435.32 | $2,371.98 | $298,297.09 | |
| Jul, 2041 | 201 | $932.18 | $1,439.80 | $2,371.98 | $296,857.29 | |
| Aug, 2041 | 202 | $927.68 | $1,444.30 | $2,371.98 | $295,412.99 | |
| Sep, 2041 | 203 | $923.17 | $1,448.81 | $2,371.98 | $293,964.18 | |
| Oct, 2041 | 204 | $918.64 | $1,453.34 | $2,371.98 | $292,510.84 | |
| Nov, 2041 | 205 | $914.10 | $1,457.88 | $2,371.98 | $291,052.96 | |
| Dec, 2041 | 206 | $909.54 | $1,462.44 | $2,371.98 | $289,590.52 | |
| Jan, 2042 | 207 | $904.97 | $1,467.01 | $2,371.98 | $288,123.51 | |
| Feb, 2042 | 208 | $900.39 | $1,471.59 | $2,371.98 | $286,651.92 | |
| Mar, 2042 | 209 | $895.79 | $1,476.19 | $2,371.98 | $285,175.73 | |
| Apr, 2042 | 210 | $891.17 | $1,480.81 | $2,371.98 | $283,694.92 | |
| May, 2042 | 211 | $886.55 | $1,485.43 | $2,371.98 | $282,209.49 | |
| Jun, 2042 | 212 | $881.90 | $1,490.08 | $2,371.98 | $280,719.41 | |
| Jul, 2042 | 213 | $877.25 | $1,494.73 | $2,371.98 | $279,224.68 | |
| Aug, 2042 | 214 | $872.58 | $1,499.40 | $2,371.98 | $277,725.28 | |
| Sep, 2042 | 215 | $867.89 | $1,504.09 | $2,371.98 | $276,221.19 | |
| Oct, 2042 | 216 | $863.19 | $1,508.79 | $2,371.98 | $274,712.40 | |
| Nov, 2042 | 217 | $858.48 | $1,513.50 | $2,371.98 | $273,198.90 | |
| Dec, 2042 | 218 | $853.75 | $1,518.23 | $2,371.98 | $271,680.67 | |
| Jan, 2043 | 219 | $849.00 | $1,522.98 | $2,371.98 | $270,157.69 | |
| Feb, 2043 | 220 | $844.24 | $1,527.74 | $2,371.98 | $268,629.95 | |
| Mar, 2043 | 221 | $839.47 | $1,532.51 | $2,371.98 | $267,097.44 | |
| Apr, 2043 | 222 | $834.68 | $1,537.30 | $2,371.98 | $265,560.14 | |
| May, 2043 | 223 | $829.88 | $1,542.10 | $2,371.98 | $264,018.04 | |
| Jun, 2043 | 224 | $825.06 | $1,546.92 | $2,371.98 | $262,471.12 | |
| Jul, 2043 | 225 | $820.22 | $1,551.76 | $2,371.98 | $260,919.36 | |
| Aug, 2043 | 226 | $815.37 | $1,556.61 | $2,371.98 | $259,362.75 | |
| Sep, 2043 | 227 | $810.51 | $1,561.47 | $2,371.98 | $257,801.28 | |
| Oct, 2043 | 228 | $805.63 | $1,566.35 | $2,371.98 | $256,234.93 | |
| Nov, 2043 | 229 | $800.73 | $1,571.25 | $2,371.98 | $254,663.68 | |
| Dec, 2043 | 230 | $795.82 | $1,576.16 | $2,371.98 | $253,087.52 | |
| Jan, 2044 | 231 | $790.90 | $1,581.08 | $2,371.98 | $251,506.44 | |
| Feb, 2044 | 232 | $785.96 | $1,586.02 | $2,371.98 | $249,920.42 | |
| Mar, 2044 | 233 | $781.00 | $1,590.98 | $2,371.98 | $248,329.44 | |
| Apr, 2044 | 234 | $776.03 | $1,595.95 | $2,371.98 | $246,733.49 | |
| May, 2044 | 235 | $771.04 | $1,600.94 | $2,371.98 | $245,132.55 | |
| Jun, 2044 | 236 | $766.04 | $1,605.94 | $2,371.98 | $243,526.61 | |
| Jul, 2044 | 237 | $761.02 | $1,610.96 | $2,371.98 | $241,915.65 | |
| Aug, 2044 | 238 | $755.99 | $1,615.99 | $2,371.98 | $240,299.66 | |
| Sep, 2044 | 239 | $750.94 | $1,621.04 | $2,371.98 | $238,678.62 | |
| Oct, 2044 | 240 | $745.87 | $1,626.11 | $2,371.98 | $237,052.51 | |
| Nov, 2044 | 241 | $740.79 | $1,631.19 | $2,371.98 | $235,421.32 | |
| Dec, 2044 | 242 | $735.69 | $1,636.29 | $2,371.98 | $233,785.03 | |
| Jan, 2045 | 243 | $730.58 | $1,641.40 | $2,371.98 | $232,143.63 | |
| Feb, 2045 | 244 | $725.45 | $1,646.53 | $2,371.98 | $230,497.10 | |
| Mar, 2045 | 245 | $720.30 | $1,651.68 | $2,371.98 | $228,845.42 | |
| Apr, 2045 | 246 | $715.14 | $1,656.84 | $2,371.98 | $227,188.58 | |
| May, 2045 | 247 | $709.96 | $1,662.02 | $2,371.98 | $225,526.56 | |
| Jun, 2045 | 248 | $704.77 | $1,667.21 | $2,371.98 | $223,859.35 | |
| Jul, 2045 | 249 | $699.56 | $1,672.42 | $2,371.98 | $222,186.93 | |
| Aug, 2045 | 250 | $694.33 | $1,677.65 | $2,371.98 | $220,509.28 | |
| Sep, 2045 | 251 | $689.09 | $1,682.89 | $2,371.98 | $218,826.39 | |
| Oct, 2045 | 252 | $683.83 | $1,688.15 | $2,371.98 | $217,138.24 | |
| Nov, 2045 | 253 | $678.56 | $1,693.42 | $2,371.98 | $215,444.82 | |
| Dec, 2045 | 254 | $673.27 | $1,698.71 | $2,371.98 | $213,746.11 | |
| Jan, 2046 | 255 | $667.96 | $1,704.02 | $2,371.98 | $212,042.09 | |
| Feb, 2046 | 256 | $662.63 | $1,709.35 | $2,371.98 | $210,332.74 | |
| Mar, 2046 | 257 | $657.29 | $1,714.69 | $2,371.98 | $208,618.05 | |
| Apr, 2046 | 258 | $651.93 | $1,720.05 | $2,371.98 | $206,898.00 | |
| May, 2046 | 259 | $646.56 | $1,725.42 | $2,371.98 | $205,172.58 | |
| Jun, 2046 | 260 | $641.16 | $1,730.82 | $2,371.98 | $203,441.76 | |
| Jul, 2046 | 261 | $635.76 | $1,736.22 | $2,371.98 | $201,705.54 | |
| Aug, 2046 | 262 | $630.33 | $1,741.65 | $2,371.98 | $199,963.89 | |
| Sep, 2046 | 263 | $624.89 | $1,747.09 | $2,371.98 | $198,216.80 | |
| Oct, 2046 | 264 | $619.43 | $1,752.55 | $2,371.98 | $196,464.25 | |
| Nov, 2046 | 265 | $613.95 | $1,758.03 | $2,371.98 | $194,706.22 | |
| Dec, 2046 | 266 | $608.46 | $1,763.52 | $2,371.98 | $192,942.70 | |
| Jan, 2047 | 267 | $602.95 | $1,769.03 | $2,371.98 | $191,173.67 | |
| Feb, 2047 | 268 | $597.42 | $1,774.56 | $2,371.98 | $189,399.11 | |
| Mar, 2047 | 269 | $591.87 | $1,780.11 | $2,371.98 | $187,619.00 | |
| Apr, 2047 | 270 | $586.31 | $1,785.67 | $2,371.98 | $185,833.33 | |
| May, 2047 | 271 | $580.73 | $1,791.25 | $2,371.98 | $184,042.08 | |
| Jun, 2047 | 272 | $575.13 | $1,796.85 | $2,371.98 | $182,245.23 | |
| Jul, 2047 | 273 | $569.52 | $1,802.46 | $2,371.98 | $180,442.77 | |
| Aug, 2047 | 274 | $563.88 | $1,808.10 | $2,371.98 | $178,634.67 | |
| Sep, 2047 | 275 | $558.23 | $1,813.75 | $2,371.98 | $176,820.92 | |
| Oct, 2047 | 276 | $552.57 | $1,819.41 | $2,371.98 | $175,001.51 | |
| Nov, 2047 | 277 | $546.88 | $1,825.10 | $2,371.98 | $173,176.41 | |
| Dec, 2047 | 278 | $541.18 | $1,830.80 | $2,371.98 | $171,345.61 | |
| Jan, 2048 | 279 | $535.46 | $1,836.52 | $2,371.98 | $169,509.09 | |
| Feb, 2048 | 280 | $529.72 | $1,842.26 | $2,371.98 | $167,666.83 | |
| Mar, 2048 | 281 | $523.96 | $1,848.02 | $2,371.98 | $165,818.81 | |
| Apr, 2048 | 282 | $518.18 | $1,853.80 | $2,371.98 | $163,965.01 | |
| May, 2048 | 283 | $512.39 | $1,859.59 | $2,371.98 | $162,105.42 | |
| Jun, 2048 | 284 | $506.58 | $1,865.40 | $2,371.98 | $160,240.02 | |
| Jul, 2048 | 285 | $500.75 | $1,871.23 | $2,371.98 | $158,368.79 | |
| Aug, 2048 | 286 | $494.90 | $1,877.08 | $2,371.98 | $156,491.71 | |
| Sep, 2048 | 287 | $489.04 | $1,882.94 | $2,371.98 | $154,608.77 | |
| Oct, 2048 | 288 | $483.15 | $1,888.83 | $2,371.98 | $152,719.94 | |
| Nov, 2048 | 289 | $477.25 | $1,894.73 | $2,371.98 | $150,825.21 | |
| Dec, 2048 | 290 | $471.33 | $1,900.65 | $2,371.98 | $148,924.56 | |
| Jan, 2049 | 291 | $465.39 | $1,906.59 | $2,371.98 | $147,017.97 | |
| Feb, 2049 | 292 | $459.43 | $1,912.55 | $2,371.98 | $145,105.42 | |
| Mar, 2049 | 293 | $453.45 | $1,918.53 | $2,371.98 | $143,186.89 | |
| Apr, 2049 | 294 | $447.46 | $1,924.52 | $2,371.98 | $141,262.37 | |
| May, 2049 | 295 | $441.44 | $1,930.54 | $2,371.98 | $139,331.83 | |
| Jun, 2049 | 296 | $435.41 | $1,936.57 | $2,371.98 | $137,395.26 | |
| Jul, 2049 | 297 | $429.36 | $1,942.62 | $2,371.98 | $135,452.64 | |
| Aug, 2049 | 298 | $423.29 | $1,948.69 | $2,371.98 | $133,503.95 | |
| Sep, 2049 | 299 | $417.20 | $1,954.78 | $2,371.98 | $131,549.17 | |
| Oct, 2049 | 300 | $411.09 | $1,960.89 | $2,371.98 | $129,588.28 | |
| Nov, 2049 | 301 | $404.96 | $1,967.02 | $2,371.98 | $127,621.26 | |
| Dec, 2049 | 302 | $398.82 | $1,973.16 | $2,371.98 | $125,648.10 | |
| Jan, 2050 | 303 | $392.65 | $1,979.33 | $2,371.98 | $123,668.77 | |
| Feb, 2050 | 304 | $386.46 | $1,985.52 | $2,371.98 | $121,683.25 | |
| Mar, 2050 | 305 | $380.26 | $1,991.72 | $2,371.98 | $119,691.53 | |
| Apr, 2050 | 306 | $374.04 | $1,997.94 | $2,371.98 | $117,693.59 | |
| May, 2050 | 307 | $367.79 | $2,004.19 | $2,371.98 | $115,689.40 | |
| Jun, 2050 | 308 | $361.53 | $2,010.45 | $2,371.98 | $113,678.95 | |
| Jul, 2050 | 309 | $355.25 | $2,016.73 | $2,371.98 | $111,662.22 | |
| Aug, 2050 | 310 | $348.94 | $2,023.04 | $2,371.98 | $109,639.18 | |
| Sep, 2050 | 311 | $342.62 | $2,029.36 | $2,371.98 | $107,609.82 | |
| Oct, 2050 | 312 | $336.28 | $2,035.70 | $2,371.98 | $105,574.12 | |
| Nov, 2050 | 313 | $329.92 | $2,042.06 | $2,371.98 | $103,532.06 | |
| Dec, 2050 | 314 | $323.54 | $2,048.44 | $2,371.98 | $101,483.62 | |
| Jan, 2051 | 315 | $317.14 | $2,054.84 | $2,371.98 | $99,428.78 | |
| Feb, 2051 | 316 | $310.71 | $2,061.27 | $2,371.98 | $97,367.51 | |
| Mar, 2051 | 317 | $304.27 | $2,067.71 | $2,371.98 | $95,299.80 | |
| Apr, 2051 | 318 | $297.81 | $2,074.17 | $2,371.98 | $93,225.63 | |
| May, 2051 | 319 | $291.33 | $2,080.65 | $2,371.98 | $91,144.98 | |
| Jun, 2051 | 320 | $284.83 | $2,087.15 | $2,371.98 | $89,057.83 | |
| Jul, 2051 | 321 | $278.31 | $2,093.67 | $2,371.98 | $86,964.16 | |
| Aug, 2051 | 322 | $271.76 | $2,100.22 | $2,371.98 | $84,863.94 | |
| Sep, 2051 | 323 | $265.20 | $2,106.78 | $2,371.98 | $82,757.16 | |
| Oct, 2051 | 324 | $258.62 | $2,113.36 | $2,371.98 | $80,643.80 | |
| Nov, 2051 | 325 | $252.01 | $2,119.97 | $2,371.98 | $78,523.83 | |
| Dec, 2051 | 326 | $245.39 | $2,126.59 | $2,371.98 | $76,397.24 | |
| Jan, 2052 | 327 | $238.74 | $2,133.24 | $2,371.98 | $74,264.00 | |
| Feb, 2052 | 328 | $232.08 | $2,139.90 | $2,371.98 | $72,124.10 | |
| Mar, 2052 | 329 | $225.39 | $2,146.59 | $2,371.98 | $69,977.51 | |
| Apr, 2052 | 330 | $218.68 | $2,153.30 | $2,371.98 | $67,824.21 | |
| May, 2052 | 331 | $211.95 | $2,160.03 | $2,371.98 | $65,664.18 | |
| Jun, 2052 | 332 | $205.20 | $2,166.78 | $2,371.98 | $63,497.40 | |
| Jul, 2052 | 333 | $198.43 | $2,173.55 | $2,371.98 | $61,323.85 | |
| Aug, 2052 | 334 | $191.64 | $2,180.34 | $2,371.98 | $59,143.51 | |
| Sep, 2052 | 335 | $184.82 | $2,187.16 | $2,371.98 | $56,956.35 | |
| Oct, 2052 | 336 | $177.99 | $2,193.99 | $2,371.98 | $54,762.36 | |
| Nov, 2052 | 337 | $171.13 | $2,200.85 | $2,371.98 | $52,561.51 | |
| Dec, 2052 | 338 | $164.25 | $2,207.73 | $2,371.98 | $50,353.78 | |
| Jan, 2053 | 339 | $157.36 | $2,214.62 | $2,371.98 | $48,139.16 | |
| Feb, 2053 | 340 | $150.43 | $2,221.55 | $2,371.98 | $45,917.61 | |
| Mar, 2053 | 341 | $143.49 | $2,228.49 | $2,371.98 | $43,689.12 | |
| Apr, 2053 | 342 | $136.53 | $2,235.45 | $2,371.98 | $41,453.67 | |
| May, 2053 | 343 | $129.54 | $2,242.44 | $2,371.98 | $39,211.23 | |
| Jun, 2053 | 344 | $122.54 | $2,249.44 | $2,371.98 | $36,961.79 | |
| Jul, 2053 | 345 | $115.51 | $2,256.47 | $2,371.98 | $34,705.32 | |
| Aug, 2053 | 346 | $108.45 | $2,263.53 | $2,371.98 | $32,441.79 | |
| Sep, 2053 | 347 | $101.38 | $2,270.60 | $2,371.98 | $30,171.19 | |
| Oct, 2053 | 348 | $94.28 | $2,277.70 | $2,371.98 | $27,893.49 | |
| Nov, 2053 | 349 | $87.17 | $2,284.81 | $2,371.98 | $25,608.68 | |
| Dec, 2053 | 350 | $80.03 | $2,291.95 | $2,371.98 | $23,316.73 | |
| Jan, 2054 | 351 | $72.86 | $2,299.12 | $2,371.98 | $21,017.61 | |
| Feb, 2054 | 352 | $65.68 | $2,306.30 | $2,371.98 | $18,711.31 | |
| Mar, 2054 | 353 | $58.47 | $2,313.51 | $2,371.98 | $16,397.80 | |
| Apr, 2054 | 354 | $51.24 | $2,320.74 | $2,371.98 | $14,077.06 | |
| May, 2054 | 355 | $43.99 | $2,327.99 | $2,371.98 | $11,749.07 | |
| Jun, 2054 | 356 | $36.72 | $2,335.26 | $2,371.98 | $9,413.81 | |
| Jul, 2054 | 357 | $29.42 | $2,342.56 | $2,371.98 | $7,071.25 | |
| Aug, 2054 | 358 | $22.10 | $2,349.88 | $2,371.98 | $4,721.37 | |
| Sep, 2054 | 359 | $14.75 | $2,357.23 | $2,371.98 | $2,364.14 | |
| Oct, 2054 | 360 | $7.39 | $2,364.59 | $2,371.98 | $0.00 | |
What is an interest-only loan?
An interest-only loan is a loan where the lender allows the borrower to make payments only on the interest for a specific period. Once this period is over, the borrower will then be required to make principal plus interest payments. The monthly payments for the interest-only period are much lower than the regular payments. Since the borrower is only making interest-only payments, the balance on the loan does not go down. There are a few approaches the borrowers can take once the interest-only period is over.
- Pay off the loan as a balloon payment if the borrower can afford it.
- Refinance the loan or mortgage if the borrower is qualified.
- Continue to make payments on the loan with interest and principal. This means the monthly payments will be much higher going forward.
Interest-only loan requirements
The requirement for an interest-only loan is higher than a standard loan. Usually, the lender requires a higher down payment, a lower debt-to-income ratio, and a good credit score. An interest-only loan or mortgage is for homebuyers who are only planning to own or live in a property for a limited time. Another scenario where an interest-only loan may be a good option is when you are expecting a raise or year-end bonus for your job to make large payments, but you can't make the regular monthly payments at the moment. For homebuyers who are looking to live in their home for a long time, a traditional mortgage may be a better option.
Interest-only loan pros and cons
There are benefits and disadvantages of getting an interest-only loan.
Pros of an interest-only loan
- Lower monthly payment - the initial monthly payment is much lower as you are paying only for interest.
- Lower interest rate - interest-only loans often have lower initial interest rates than fixed-rate loans.
Pros of an interest-only loan
- Not gaining equity - since you are only making interest only payments, the balance on the loan remains unchanged. In the case of an interest-only mortgage, you are not building equity in your home.
- Larger monthly payments - after the initial interest-only period, borrowers will face much larger monthly payments when the repayment period kicks in.
- Balloon payments - some interest-only loans require much larger balloon payments at the end to pay off the loan which might be a problem for people who can't afford it.
- Decline home value - if you have an interest-only mortgage and the value of your home declines, you will have negative equity.
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