Interest-Only Calculator

Input Information
Loan Information
Amount : ($)
Interest-Only Rate : (%)
Conventional Loan Rate : (%)
Length : (Yrs)
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Name :
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Thanks for using our calculation tools. Your results appear below. Click the heading in the next section to switch between plain English and financial views. Do you have questions or feedback? Contact us.

Financial Analysis (Switch to Plain English)
Interest-Only Loan Payment : $1,010.42
Total Interest-Only : $363,750.00
Monthly Principal & Interests : $1,357.37
Total Principal & Interest : $488,654.80
Plain English Help (Switch to Financial Analysis)

When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. With an interest only loan, you will pay only on the interest when you make your monthly payments and you will eventually be called upon to pay the principal. It is a wise financial decision to compare the two types of loans before deciding which one is best for you.

If you wanted to borrow $250,000.00 for the purchase of your home, you might be offered a standard loan with a 5.100% interest rate or an interest only loan with a 4.850% interest rate, with both being 30 year loans. With an interest only loan, your monthly payment would be $1,010.42, while a standard loan would be $1,357.37. Under this plan, the total interest only cost would be $363,750.00, while the total standard loan cost would be $488,654.80.

Payment Schedule
No Interests Principal Balance
1 1,010.42 0.00 250,000.00
2 1,010.42 0.00 250,000.00
3 1,010.42 0.00 250,000.00
4 1,010.42 0.00 250,000.00
5 1,010.42 0.00 250,000.00
6 1,010.42 0.00 250,000.00
7 1,010.42 0.00 250,000.00
8 1,010.42 0.00 250,000.00
9 1,010.42 0.00 250,000.00
10 1,010.42 0.00 250,000.00
11 1,010.42 0.00 250,000.00
12 1,010.42 0.00 250,000.00
1 Yr

---
12,125.00

---
0.00

 
13 1,010.42 0.00 250,000.00
14 1,010.42 0.00 250,000.00
15 1,010.42 0.00 250,000.00
16 1,010.42 0.00 250,000.00
17 1,010.42 0.00 250,000.00
18 1,010.42 0.00 250,000.00
19 1,010.42 0.00 250,000.00
20 1,010.42 0.00 250,000.00
21 1,010.42 0.00 250,000.00
22 1,010.42 0.00 250,000.00
23 1,010.42 0.00 250,000.00
24 1,010.42 0.00 250,000.00
2 Yr

---
12,125.00

---
0.00

 
25 1,010.42 0.00 250,000.00
26 1,010.42 0.00 250,000.00
27 1,010.42 0.00 250,000.00
28 1,010.42 0.00 250,000.00
29 1,010.42 0.00 250,000.00
30 1,010.42 0.00 250,000.00
31 1,010.42 0.00 250,000.00
32 1,010.42 0.00 250,000.00
33 1,010.42 0.00 250,000.00
34 1,010.42 0.00 250,000.00
35 1,010.42 0.00 250,000.00
36 1,010.42 0.00 250,000.00
3 Yr

---
12,125.00

---
0.00

 
37 1,010.42 0.00 250,000.00
38 1,010.42 0.00 250,000.00
39 1,010.42 0.00 250,000.00
40 1,010.42 0.00 250,000.00
41 1,010.42 0.00 250,000.00
42 1,010.42 0.00 250,000.00
43 1,010.42 0.00 250,000.00
44 1,010.42 0.00 250,000.00
45 1,010.42 0.00 250,000.00
46 1,010.42 0.00 250,000.00
47 1,010.42 0.00 250,000.00
48 1,010.42 0.00 250,000.00
4 Yr

---
12,125.00

---
0.00

 
49 1,010.42 0.00 250,000.00
50 1,010.42 0.00 250,000.00
51 1,010.42 0.00 250,000.00
52 1,010.42 0.00 250,000.00
53 1,010.42 0.00 250,000.00
54 1,010.42 0.00 250,000.00
55 1,010.42 0.00 250,000.00
56 1,010.42 0.00 250,000.00
57 1,010.42 0.00 250,000.00
58 1,010.42 0.00 250,000.00
59 1,010.42 0.00 250,000.00
60 1,010.42 0.00 250,000.00
5 Yr

---
12,125.00

---
0.00

 
61 1,010.42 0.00 250,000.00
62 1,010.42 0.00 250,000.00
63 1,010.42 0.00 250,000.00
64 1,010.42 0.00 250,000.00
65 1,010.42 0.00 250,000.00
66 1,010.42 0.00 250,000.00
67 1,010.42 0.00 250,000.00
68 1,010.42 0.00 250,000.00
69 1,010.42 0.00 250,000.00
70 1,010.42 0.00 250,000.00
71 1,010.42 0.00 250,000.00
72 1,010.42 0.00 250,000.00
6 Yr

---
12,125.00

---
0.00

 
73 1,010.42 0.00 250,000.00
74 1,010.42 0.00 250,000.00
75 1,010.42 0.00 250,000.00
76 1,010.42 0.00 250,000.00
77 1,010.42 0.00 250,000.00
78 1,010.42 0.00 250,000.00
79 1,010.42 0.00 250,000.00
80 1,010.42 0.00 250,000.00
81 1,010.42 0.00 250,000.00
82 1,010.42 0.00 250,000.00
83 1,010.42 0.00 250,000.00
84 1,010.42 0.00 250,000.00
7 Yr

---
12,125.00

---
0.00

 
85 1,010.42 0.00 250,000.00
86 1,010.42 0.00 250,000.00
87 1,010.42 0.00 250,000.00
88 1,010.42 0.00 250,000.00
89 1,010.42 0.00 250,000.00
90 1,010.42 0.00 250,000.00
91 1,010.42 0.00 250,000.00
92 1,010.42 0.00 250,000.00
93 1,010.42 0.00 250,000.00
94 1,010.42 0.00 250,000.00
95 1,010.42 0.00 250,000.00
96 1,010.42 0.00 250,000.00
8 Yr

---
12,125.00

---
0.00

 
97 1,010.42 0.00 250,000.00
98 1,010.42 0.00 250,000.00
99 1,010.42 0.00 250,000.00
100 1,010.42 0.00 250,000.00
101 1,010.42 0.00 250,000.00
102 1,010.42 0.00 250,000.00
103 1,010.42 0.00 250,000.00
104 1,010.42 0.00 250,000.00
105 1,010.42 0.00 250,000.00
106 1,010.42 0.00 250,000.00
107 1,010.42 0.00 250,000.00
108 1,010.42 0.00 250,000.00
9 Yr

---
12,125.00

---
0.00

 
109 1,010.42 0.00 250,000.00
110 1,010.42 0.00 250,000.00
111 1,010.42 0.00 250,000.00
112 1,010.42 0.00 250,000.00
113 1,010.42 0.00 250,000.00
114 1,010.42 0.00 250,000.00
115 1,010.42 0.00 250,000.00
116 1,010.42 0.00 250,000.00
117 1,010.42 0.00 250,000.00
118 1,010.42 0.00 250,000.00
119 1,010.42 0.00 250,000.00
120 1,010.42 0.00 250,000.00
10 Yr

---
12,125.00

---
0.00

 
121 1,010.42 0.00 250,000.00
122 1,010.42 0.00 250,000.00
123 1,010.42 0.00 250,000.00
124 1,010.42 0.00 250,000.00
125 1,010.42 0.00 250,000.00
126 1,010.42 0.00 250,000.00
127 1,010.42 0.00 250,000.00
128 1,010.42 0.00 250,000.00
129 1,010.42 0.00 250,000.00
130 1,010.42 0.00 250,000.00
131 1,010.42 0.00 250,000.00
132 1,010.42 0.00 250,000.00
11 Yr

---
12,125.00

---
0.00

 
133 1,010.42 0.00 250,000.00
134 1,010.42 0.00 250,000.00
135 1,010.42 0.00 250,000.00
136 1,010.42 0.00 250,000.00
137 1,010.42 0.00 250,000.00
138 1,010.42 0.00 250,000.00
139 1,010.42 0.00 250,000.00
140 1,010.42 0.00 250,000.00
141 1,010.42 0.00 250,000.00
142 1,010.42 0.00 250,000.00
143 1,010.42 0.00 250,000.00
144 1,010.42 0.00 250,000.00
12 Yr

---
12,125.00

---
0.00

 
145 1,010.42 0.00 250,000.00
146 1,010.42 0.00 250,000.00
147 1,010.42 0.00 250,000.00
148 1,010.42 0.00 250,000.00
149 1,010.42 0.00 250,000.00
150 1,010.42 0.00 250,000.00
151 1,010.42 0.00 250,000.00
152 1,010.42 0.00 250,000.00
153 1,010.42 0.00 250,000.00
154 1,010.42 0.00 250,000.00
155 1,010.42 0.00 250,000.00
156 1,010.42 0.00 250,000.00
13 Yr

---
12,125.00

---
0.00

 
157 1,010.42 0.00 250,000.00
158 1,010.42 0.00 250,000.00
159 1,010.42 0.00 250,000.00
160 1,010.42 0.00 250,000.00
161 1,010.42 0.00 250,000.00
162 1,010.42 0.00 250,000.00
163 1,010.42 0.00 250,000.00
164 1,010.42 0.00 250,000.00
165 1,010.42 0.00 250,000.00
166 1,010.42 0.00 250,000.00
167 1,010.42 0.00 250,000.00
168 1,010.42 0.00 250,000.00
14 Yr

---
12,125.00

---
0.00

 
169 1,010.42 0.00 250,000.00
170 1,010.42 0.00 250,000.00
171 1,010.42 0.00 250,000.00
172 1,010.42 0.00 250,000.00
173 1,010.42 0.00 250,000.00
174 1,010.42 0.00 250,000.00
175 1,010.42 0.00 250,000.00
176 1,010.42 0.00 250,000.00
177 1,010.42 0.00 250,000.00
178 1,010.42 0.00 250,000.00
179 1,010.42 0.00 250,000.00
180 1,010.42 0.00 250,000.00
15 Yr

---
12,125.00

---
0.00

 
181 1,010.42 0.00 250,000.00
182 1,010.42 0.00 250,000.00
183 1,010.42 0.00 250,000.00
184 1,010.42 0.00 250,000.00
185 1,010.42 0.00 250,000.00
186 1,010.42 0.00 250,000.00
187 1,010.42 0.00 250,000.00
188 1,010.42 0.00 250,000.00
189 1,010.42 0.00 250,000.00
190 1,010.42 0.00 250,000.00
191 1,010.42 0.00 250,000.00
192 1,010.42 0.00 250,000.00
16 Yr

---
12,125.00

---
0.00

 
193 1,010.42 0.00 250,000.00
194 1,010.42 0.00 250,000.00
195 1,010.42 0.00 250,000.00
196 1,010.42 0.00 250,000.00
197 1,010.42 0.00 250,000.00
198 1,010.42 0.00 250,000.00
199 1,010.42 0.00 250,000.00
200 1,010.42 0.00 250,000.00
201 1,010.42 0.00 250,000.00
202 1,010.42 0.00 250,000.00
203 1,010.42 0.00 250,000.00
204 1,010.42 0.00 250,000.00
17 Yr

---
12,125.00

---
0.00

 
205 1,010.42 0.00 250,000.00
206 1,010.42 0.00 250,000.00
207 1,010.42 0.00 250,000.00
208 1,010.42 0.00 250,000.00
209 1,010.42 0.00 250,000.00
210 1,010.42 0.00 250,000.00
211 1,010.42 0.00 250,000.00
212 1,010.42 0.00 250,000.00
213 1,010.42 0.00 250,000.00
214 1,010.42 0.00 250,000.00
215 1,010.42 0.00 250,000.00
216 1,010.42 0.00 250,000.00
18 Yr

---
12,125.00

---
0.00

 
217 1,010.42 0.00 250,000.00
218 1,010.42 0.00 250,000.00
219 1,010.42 0.00 250,000.00
220 1,010.42 0.00 250,000.00
221 1,010.42 0.00 250,000.00
222 1,010.42 0.00 250,000.00
223 1,010.42 0.00 250,000.00
224 1,010.42 0.00 250,000.00
225 1,010.42 0.00 250,000.00
226 1,010.42 0.00 250,000.00
227 1,010.42 0.00 250,000.00
228 1,010.42 0.00 250,000.00
19 Yr

---
12,125.00

---
0.00

 
229 1,010.42 0.00 250,000.00
230 1,010.42 0.00 250,000.00
231 1,010.42 0.00 250,000.00
232 1,010.42 0.00 250,000.00
233 1,010.42 0.00 250,000.00
234 1,010.42 0.00 250,000.00
235 1,010.42 0.00 250,000.00
236 1,010.42 0.00 250,000.00
237 1,010.42 0.00 250,000.00
238 1,010.42 0.00 250,000.00
239 1,010.42 0.00 250,000.00
240 1,010.42 0.00 250,000.00
20 Yr

---
12,125.00

---
0.00

 
241 1,010.42 0.00 250,000.00
242 1,010.42 0.00 250,000.00
243 1,010.42 0.00 250,000.00
244 1,010.42 0.00 250,000.00
245 1,010.42 0.00 250,000.00
246 1,010.42 0.00 250,000.00
247 1,010.42 0.00 250,000.00
248 1,010.42 0.00 250,000.00
249 1,010.42 0.00 250,000.00
250 1,010.42 0.00 250,000.00
251 1,010.42 0.00 250,000.00
252 1,010.42 0.00 250,000.00
21 Yr

---
12,125.00

---
0.00

 
253 1,010.42 0.00 250,000.00
254 1,010.42 0.00 250,000.00
255 1,010.42 0.00 250,000.00
256 1,010.42 0.00 250,000.00
257 1,010.42 0.00 250,000.00
258 1,010.42 0.00 250,000.00
259 1,010.42 0.00 250,000.00
260 1,010.42 0.00 250,000.00
261 1,010.42 0.00 250,000.00
262 1,010.42 0.00 250,000.00
263 1,010.42 0.00 250,000.00
264 1,010.42 0.00 250,000.00
22 Yr

---
12,125.00

---
0.00

 
265 1,010.42 0.00 250,000.00
266 1,010.42 0.00 250,000.00
267 1,010.42 0.00 250,000.00
268 1,010.42 0.00 250,000.00
269 1,010.42 0.00 250,000.00
270 1,010.42 0.00 250,000.00
271 1,010.42 0.00 250,000.00
272 1,010.42 0.00 250,000.00
273 1,010.42 0.00 250,000.00
274 1,010.42 0.00 250,000.00
275 1,010.42 0.00 250,000.00
276 1,010.42 0.00 250,000.00
23 Yr

---
12,125.00

---
0.00

 
277 1,010.42 0.00 250,000.00
278 1,010.42 0.00 250,000.00
279 1,010.42 0.00 250,000.00
280 1,010.42 0.00 250,000.00
281 1,010.42 0.00 250,000.00
282 1,010.42 0.00 250,000.00
283 1,010.42 0.00 250,000.00
284 1,010.42 0.00 250,000.00
285 1,010.42 0.00 250,000.00
286 1,010.42 0.00 250,000.00
287 1,010.42 0.00 250,000.00
288 1,010.42 0.00 250,000.00
24 Yr

---
12,125.00

---
0.00

 
289 1,010.42 0.00 250,000.00
290 1,010.42 0.00 250,000.00
291 1,010.42 0.00 250,000.00
292 1,010.42 0.00 250,000.00
293 1,010.42 0.00 250,000.00
294 1,010.42 0.00 250,000.00
295 1,010.42 0.00 250,000.00
296 1,010.42 0.00 250,000.00
297 1,010.42 0.00 250,000.00
298 1,010.42 0.00 250,000.00
299 1,010.42 0.00 250,000.00
300 1,010.42 0.00 250,000.00
25 Yr

---
12,125.00

---
0.00

 
301 1,010.42 0.00 250,000.00
302 1,010.42 0.00 250,000.00
303 1,010.42 0.00 250,000.00
304 1,010.42 0.00 250,000.00
305 1,010.42 0.00 250,000.00
306 1,010.42 0.00 250,000.00
307 1,010.42 0.00 250,000.00
308 1,010.42 0.00 250,000.00
309 1,010.42 0.00 250,000.00
310 1,010.42 0.00 250,000.00
311 1,010.42 0.00 250,000.00
312 1,010.42 0.00 250,000.00
26 Yr

---
12,125.00

---
0.00

 
313 1,010.42 0.00 250,000.00
314 1,010.42 0.00 250,000.00
315 1,010.42 0.00 250,000.00
316 1,010.42 0.00 250,000.00
317 1,010.42 0.00 250,000.00
318 1,010.42 0.00 250,000.00
319 1,010.42 0.00 250,000.00
320 1,010.42 0.00 250,000.00
321 1,010.42 0.00 250,000.00
322 1,010.42 0.00 250,000.00
323 1,010.42 0.00 250,000.00
324 1,010.42 0.00 250,000.00
27 Yr

---
12,125.00

---
0.00

 
325 1,010.42 0.00 250,000.00
326 1,010.42 0.00 250,000.00
327 1,010.42 0.00 250,000.00
328 1,010.42 0.00 250,000.00
329 1,010.42 0.00 250,000.00
330 1,010.42 0.00 250,000.00
331 1,010.42 0.00 250,000.00
332 1,010.42 0.00 250,000.00
333 1,010.42 0.00 250,000.00
334 1,010.42 0.00 250,000.00
335 1,010.42 0.00 250,000.00
336 1,010.42 0.00 250,000.00
28 Yr

---
12,125.00

---
0.00

 
337 1,010.42 0.00 250,000.00
338 1,010.42 0.00 250,000.00
339 1,010.42 0.00 250,000.00
340 1,010.42 0.00 250,000.00
341 1,010.42 0.00 250,000.00
342 1,010.42 0.00 250,000.00
343 1,010.42 0.00 250,000.00
344 1,010.42 0.00 250,000.00
345 1,010.42 0.00 250,000.00
346 1,010.42 0.00 250,000.00
347 1,010.42 0.00 250,000.00
348 1,010.42 0.00 250,000.00
29 Yr

---
12,125.00

---
0.00

 
349 1,010.42 0.00 250,000.00
350 1,010.42 0.00 250,000.00
351 1,010.42 0.00 250,000.00
352 1,010.42 0.00 250,000.00
353 1,010.42 0.00 250,000.00
354 1,010.42 0.00 250,000.00
355 1,010.42 0.00 250,000.00
356 1,010.42 0.00 250,000.00
357 1,010.42 0.00 250,000.00
358 1,010.42 0.00 250,000.00
359 1,010.42 0.00 250,000.00
360 1,010.42 0.00 250,000.00
30 Yr

---
12,125.00

---
0.00

 
  Interests Principal  
Total 363,750.00 0.00 250,000.00
DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.

 




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