Mortgage Calculators

Use our mortgage calculators to find out how much your monthly payments will be. In order to do that choose the number of years you prefer for the repayment of the loan--10,20,etc.-- (Term in Years), choose the interest rate for the type of loan you are looking for and type the loan amount, taking into account the value of the house and the maximum percentage of that value that your lender will finance (usually that is 80%, but there are several lenders that will finance a higher percentage). Notice that the estimated payment labeled as "normal payment" indicates the monthly payment due for an amortized loan and it includes repayment of both interest and principal. The number labeled as "interest-only payment" indicates the monthly payment on an interest-only mortgage, in contrast to that of a traditional amortized loan. Interest-only mortgages allow the borrower to pay only interest over the term of the loan, but the full loan amount is due upon the end of the term of the loan.

Comparison of Interest-Only and Amortized Loan Payments

Interest only calculator by MortgageLoan