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Interest Only Mortgage Calculator

Interest Only Mortgage Calculator excel to calculate your monthly interest only mortgage payments with a printable interest only amortization schedule by monthly or yearly. The interest only loan calculator calculates initial interest only payments as well as monthly payments after the interest only period is over.

Interest Only Loan Calculator

Mortgage Amount
Loan Terms (Years)
Interest Only Period (Years)
Interest Rate
First Payment Date
Amortization Schedule
Show By Month Year
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Mortgage Calculator Results

Mortgage Amount:
$300,000.00
Monthly Payment:
$1,250.00 for 72 payments
$1,790.69 for 288 payments
Interest Only Terms:
6 years
Total Terms:
30 years
Total # Of Payments:
360
Start Date:
Mar, 2024
Payoff Date:
Feb, 2054
Total Interest Paid:
$305,720.20
Total Payment:
$605,720.20

Interest Only Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Mar, 2024 1 $1,250.00 $0.00 $1,250.00 $300,000.00
Apr, 2024 2 $1,250.00 $0.00 $1,250.00 $300,000.00
May, 2024 3 $1,250.00 $0.00 $1,250.00 $300,000.00
Jun, 2024 4 $1,250.00 $0.00 $1,250.00 $300,000.00
Jul, 2024 5 $1,250.00 $0.00 $1,250.00 $300,000.00
Aug, 2024 6 $1,250.00 $0.00 $1,250.00 $300,000.00
Sep, 2024 7 $1,250.00 $0.00 $1,250.00 $300,000.00
Oct, 2024 8 $1,250.00 $0.00 $1,250.00 $300,000.00
Nov, 2024 9 $1,250.00 $0.00 $1,250.00 $300,000.00
Dec, 2024 10 $1,250.00 $0.00 $1,250.00 $300,000.00
Jan, 2025 11 $1,250.00 $0.00 $1,250.00 $300,000.00
Feb, 2025 12 $1,250.00 $0.00 $1,250.00 $300,000.00
Mar, 2025 13 $1,250.00 $0.00 $1,250.00 $300,000.00
Apr, 2025 14 $1,250.00 $0.00 $1,250.00 $300,000.00
May, 2025 15 $1,250.00 $0.00 $1,250.00 $300,000.00
Jun, 2025 16 $1,250.00 $0.00 $1,250.00 $300,000.00
Jul, 2025 17 $1,250.00 $0.00 $1,250.00 $300,000.00
Aug, 2025 18 $1,250.00 $0.00 $1,250.00 $300,000.00
Sep, 2025 19 $1,250.00 $0.00 $1,250.00 $300,000.00
Oct, 2025 20 $1,250.00 $0.00 $1,250.00 $300,000.00
Nov, 2025 21 $1,250.00 $0.00 $1,250.00 $300,000.00
Dec, 2025 22 $1,250.00 $0.00 $1,250.00 $300,000.00
Jan, 2026 23 $1,250.00 $0.00 $1,250.00 $300,000.00
Feb, 2026 24 $1,250.00 $0.00 $1,250.00 $300,000.00
Mar, 2026 25 $1,250.00 $0.00 $1,250.00 $300,000.00
Apr, 2026 26 $1,250.00 $0.00 $1,250.00 $300,000.00
May, 2026 27 $1,250.00 $0.00 $1,250.00 $300,000.00
Jun, 2026 28 $1,250.00 $0.00 $1,250.00 $300,000.00
Jul, 2026 29 $1,250.00 $0.00 $1,250.00 $300,000.00
Aug, 2026 30 $1,250.00 $0.00 $1,250.00 $300,000.00
Sep, 2026 31 $1,250.00 $0.00 $1,250.00 $300,000.00
Oct, 2026 32 $1,250.00 $0.00 $1,250.00 $300,000.00
Nov, 2026 33 $1,250.00 $0.00 $1,250.00 $300,000.00
Dec, 2026 34 $1,250.00 $0.00 $1,250.00 $300,000.00
Jan, 2027 35 $1,250.00 $0.00 $1,250.00 $300,000.00
Feb, 2027 36 $1,250.00 $0.00 $1,250.00 $300,000.00
Mar, 2027 37 $1,250.00 $0.00 $1,250.00 $300,000.00
Apr, 2027 38 $1,250.00 $0.00 $1,250.00 $300,000.00
May, 2027 39 $1,250.00 $0.00 $1,250.00 $300,000.00
Jun, 2027 40 $1,250.00 $0.00 $1,250.00 $300,000.00
Jul, 2027 41 $1,250.00 $0.00 $1,250.00 $300,000.00
Aug, 2027 42 $1,250.00 $0.00 $1,250.00 $300,000.00
Sep, 2027 43 $1,250.00 $0.00 $1,250.00 $300,000.00
Oct, 2027 44 $1,250.00 $0.00 $1,250.00 $300,000.00
Nov, 2027 45 $1,250.00 $0.00 $1,250.00 $300,000.00
Dec, 2027 46 $1,250.00 $0.00 $1,250.00 $300,000.00
Jan, 2028 47 $1,250.00 $0.00 $1,250.00 $300,000.00
Feb, 2028 48 $1,250.00 $0.00 $1,250.00 $300,000.00
Mar, 2028 49 $1,250.00 $0.00 $1,250.00 $300,000.00
Apr, 2028 50 $1,250.00 $0.00 $1,250.00 $300,000.00
May, 2028 51 $1,250.00 $0.00 $1,250.00 $300,000.00
Jun, 2028 52 $1,250.00 $0.00 $1,250.00 $300,000.00
Jul, 2028 53 $1,250.00 $0.00 $1,250.00 $300,000.00
Aug, 2028 54 $1,250.00 $0.00 $1,250.00 $300,000.00
Sep, 2028 55 $1,250.00 $0.00 $1,250.00 $300,000.00
Oct, 2028 56 $1,250.00 $0.00 $1,250.00 $300,000.00
Nov, 2028 57 $1,250.00 $0.00 $1,250.00 $300,000.00
Dec, 2028 58 $1,250.00 $0.00 $1,250.00 $300,000.00
Jan, 2029 59 $1,250.00 $0.00 $1,250.00 $300,000.00
Feb, 2029 60 $1,250.00 $0.00 $1,250.00 $300,000.00
Mar, 2029 61 $1,250.00 $0.00 $1,250.00 $300,000.00
Apr, 2029 62 $1,250.00 $0.00 $1,250.00 $300,000.00
May, 2029 63 $1,250.00 $0.00 $1,250.00 $300,000.00
Jun, 2029 64 $1,250.00 $0.00 $1,250.00 $300,000.00
Jul, 2029 65 $1,250.00 $0.00 $1,250.00 $300,000.00
Aug, 2029 66 $1,250.00 $0.00 $1,250.00 $300,000.00
Sep, 2029 67 $1,250.00 $0.00 $1,250.00 $300,000.00
Oct, 2029 68 $1,250.00 $0.00 $1,250.00 $300,000.00
Nov, 2029 69 $1,250.00 $0.00 $1,250.00 $300,000.00
Dec, 2029 70 $1,250.00 $0.00 $1,250.00 $300,000.00
Jan, 2030 71 $1,250.00 $0.00 $1,250.00 $300,000.00
Feb, 2030 72 $1,250.00 $0.00 $1,250.00 $300,000.00
Mar, 2030 73 $1,250.00 $540.69 $1,790.69 $299,459.31
Apr, 2030 74 $1,247.75 $542.94 $1,790.69 $298,916.37
May, 2030 75 $1,245.48 $545.21 $1,790.69 $298,371.16
Jun, 2030 76 $1,243.21 $547.48 $1,790.69 $297,823.68
Jul, 2030 77 $1,240.93 $549.76 $1,790.69 $297,273.92
Aug, 2030 78 $1,238.64 $552.05 $1,790.69 $296,721.87
Sep, 2030 79 $1,236.34 $554.35 $1,790.69 $296,167.52
Oct, 2030 80 $1,234.03 $556.66 $1,790.69 $295,610.86
Nov, 2030 81 $1,231.71 $558.98 $1,790.69 $295,051.88
Dec, 2030 82 $1,229.38 $561.31 $1,790.69 $294,490.57
Jan, 2031 83 $1,227.04 $563.65 $1,790.69 $293,926.92
Feb, 2031 84 $1,224.70 $565.99 $1,790.69 $293,360.93
Mar, 2031 85 $1,222.34 $568.35 $1,790.69 $292,792.58
Apr, 2031 86 $1,219.97 $570.72 $1,790.69 $292,221.86
May, 2031 87 $1,217.59 $573.10 $1,790.69 $291,648.76
Jun, 2031 88 $1,215.20 $575.49 $1,790.69 $291,073.27
Jul, 2031 89 $1,212.81 $577.88 $1,790.69 $290,495.39
Aug, 2031 90 $1,210.40 $580.29 $1,790.69 $289,915.10
Sep, 2031 91 $1,207.98 $582.71 $1,790.69 $289,332.39
Oct, 2031 92 $1,205.55 $585.14 $1,790.69 $288,747.25
Nov, 2031 93 $1,203.11 $587.58 $1,790.69 $288,159.67
Dec, 2031 94 $1,200.67 $590.02 $1,790.69 $287,569.65
Jan, 2032 95 $1,198.21 $592.48 $1,790.69 $286,977.17
Feb, 2032 96 $1,195.74 $594.95 $1,790.69 $286,382.22
Mar, 2032 97 $1,193.26 $597.43 $1,790.69 $285,784.79
Apr, 2032 98 $1,190.77 $599.92 $1,790.69 $285,184.87
May, 2032 99 $1,188.27 $602.42 $1,790.69 $284,582.45
Jun, 2032 100 $1,185.76 $604.93 $1,790.69 $283,977.52
Jul, 2032 101 $1,183.24 $607.45 $1,790.69 $283,370.07
Aug, 2032 102 $1,180.71 $609.98 $1,790.69 $282,760.09
Sep, 2032 103 $1,178.17 $612.52 $1,790.69 $282,147.57
Oct, 2032 104 $1,175.61 $615.08 $1,790.69 $281,532.49
Nov, 2032 105 $1,173.05 $617.64 $1,790.69 $280,914.85
Dec, 2032 106 $1,170.48 $620.21 $1,790.69 $280,294.64
Jan, 2033 107 $1,167.89 $622.80 $1,790.69 $279,671.84
Feb, 2033 108 $1,165.30 $625.39 $1,790.69 $279,046.45
Mar, 2033 109 $1,162.69 $628.00 $1,790.69 $278,418.45
Apr, 2033 110 $1,160.08 $630.61 $1,790.69 $277,787.84
May, 2033 111 $1,157.45 $633.24 $1,790.69 $277,154.60
Jun, 2033 112 $1,154.81 $635.88 $1,790.69 $276,518.72
Jul, 2033 113 $1,152.16 $638.53 $1,790.69 $275,880.19
Aug, 2033 114 $1,149.50 $641.19 $1,790.69 $275,239.00
Sep, 2033 115 $1,146.83 $643.86 $1,790.69 $274,595.14
Oct, 2033 116 $1,144.15 $646.54 $1,790.69 $273,948.60
Nov, 2033 117 $1,141.45 $649.24 $1,790.69 $273,299.36
Dec, 2033 118 $1,138.75 $651.94 $1,790.69 $272,647.42
Jan, 2034 119 $1,136.03 $654.66 $1,790.69 $271,992.76
Feb, 2034 120 $1,133.30 $657.39 $1,790.69 $271,335.37
Mar, 2034 121 $1,130.56 $660.13 $1,790.69 $270,675.24
Apr, 2034 122 $1,127.81 $662.88 $1,790.69 $270,012.36
May, 2034 123 $1,125.05 $665.64 $1,790.69 $269,346.72
Jun, 2034 124 $1,122.28 $668.41 $1,790.69 $268,678.31
Jul, 2034 125 $1,119.49 $671.20 $1,790.69 $268,007.11
Aug, 2034 126 $1,116.70 $673.99 $1,790.69 $267,333.12
Sep, 2034 127 $1,113.89 $676.80 $1,790.69 $266,656.32
Oct, 2034 128 $1,111.07 $679.62 $1,790.69 $265,976.70
Nov, 2034 129 $1,108.24 $682.45 $1,790.69 $265,294.25
Dec, 2034 130 $1,105.39 $685.30 $1,790.69 $264,608.95
Jan, 2035 131 $1,102.54 $688.15 $1,790.69 $263,920.80
Feb, 2035 132 $1,099.67 $691.02 $1,790.69 $263,229.78
Mar, 2035 133 $1,096.79 $693.90 $1,790.69 $262,535.88
Apr, 2035 134 $1,093.90 $696.79 $1,790.69 $261,839.09
May, 2035 135 $1,091.00 $699.69 $1,790.69 $261,139.40
Jun, 2035 136 $1,088.08 $702.61 $1,790.69 $260,436.79
Jul, 2035 137 $1,085.15 $705.54 $1,790.69 $259,731.25
Aug, 2035 138 $1,082.21 $708.48 $1,790.69 $259,022.77
Sep, 2035 139 $1,079.26 $711.43 $1,790.69 $258,311.34
Oct, 2035 140 $1,076.30 $714.39 $1,790.69 $257,596.95
Nov, 2035 141 $1,073.32 $717.37 $1,790.69 $256,879.58
Dec, 2035 142 $1,070.33 $720.36 $1,790.69 $256,159.22
Jan, 2036 143 $1,067.33 $723.36 $1,790.69 $255,435.86
Feb, 2036 144 $1,064.32 $726.37 $1,790.69 $254,709.49
Mar, 2036 145 $1,061.29 $729.40 $1,790.69 $253,980.09
Apr, 2036 146 $1,058.25 $732.44 $1,790.69 $253,247.65
May, 2036 147 $1,055.20 $735.49 $1,790.69 $252,512.16
Jun, 2036 148 $1,052.13 $738.56 $1,790.69 $251,773.60
Jul, 2036 149 $1,049.06 $741.63 $1,790.69 $251,031.97
Aug, 2036 150 $1,045.97 $744.72 $1,790.69 $250,287.25
Sep, 2036 151 $1,042.86 $747.83 $1,790.69 $249,539.42
Oct, 2036 152 $1,039.75 $750.94 $1,790.69 $248,788.48
Nov, 2036 153 $1,036.62 $754.07 $1,790.69 $248,034.41
Dec, 2036 154 $1,033.48 $757.21 $1,790.69 $247,277.20
Jan, 2037 155 $1,030.32 $760.37 $1,790.69 $246,516.83
Feb, 2037 156 $1,027.15 $763.54 $1,790.69 $245,753.29
Mar, 2037 157 $1,023.97 $766.72 $1,790.69 $244,986.57
Apr, 2037 158 $1,020.78 $769.91 $1,790.69 $244,216.66
May, 2037 159 $1,017.57 $773.12 $1,790.69 $243,443.54
Jun, 2037 160 $1,014.35 $776.34 $1,790.69 $242,667.20
Jul, 2037 161 $1,011.11 $779.58 $1,790.69 $241,887.62
Aug, 2037 162 $1,007.87 $782.82 $1,790.69 $241,104.80
Sep, 2037 163 $1,004.60 $786.09 $1,790.69 $240,318.71
Oct, 2037 164 $1,001.33 $789.36 $1,790.69 $239,529.35
Nov, 2037 165 $998.04 $792.65 $1,790.69 $238,736.70
Dec, 2037 166 $994.74 $795.95 $1,790.69 $237,940.75
Jan, 2038 167 $991.42 $799.27 $1,790.69 $237,141.48
Feb, 2038 168 $988.09 $802.60 $1,790.69 $236,338.88
Mar, 2038 169 $984.75 $805.94 $1,790.69 $235,532.94
Apr, 2038 170 $981.39 $809.30 $1,790.69 $234,723.64
May, 2038 171 $978.02 $812.67 $1,790.69 $233,910.97
Jun, 2038 172 $974.63 $816.06 $1,790.69 $233,094.91
Jul, 2038 173 $971.23 $819.46 $1,790.69 $232,275.45
Aug, 2038 174 $967.81 $822.88 $1,790.69 $231,452.57
Sep, 2038 175 $964.39 $826.30 $1,790.69 $230,626.27
Oct, 2038 176 $960.94 $829.75 $1,790.69 $229,796.52
Nov, 2038 177 $957.49 $833.20 $1,790.69 $228,963.32
Dec, 2038 178 $954.01 $836.68 $1,790.69 $228,126.64
Jan, 2039 179 $950.53 $840.16 $1,790.69 $227,286.48
Feb, 2039 180 $947.03 $843.66 $1,790.69 $226,442.82
Mar, 2039 181 $943.51 $847.18 $1,790.69 $225,595.64
Apr, 2039 182 $939.98 $850.71 $1,790.69 $224,744.93
May, 2039 183 $936.44 $854.25 $1,790.69 $223,890.68
Jun, 2039 184 $932.88 $857.81 $1,790.69 $223,032.87
Jul, 2039 185 $929.30 $861.39 $1,790.69 $222,171.48
Aug, 2039 186 $925.71 $864.98 $1,790.69 $221,306.50
Sep, 2039 187 $922.11 $868.58 $1,790.69 $220,437.92
Oct, 2039 188 $918.49 $872.20 $1,790.69 $219,565.72
Nov, 2039 189 $914.86 $875.83 $1,790.69 $218,689.89
Dec, 2039 190 $911.21 $879.48 $1,790.69 $217,810.41
Jan, 2040 191 $907.54 $883.15 $1,790.69 $216,927.26
Feb, 2040 192 $903.86 $886.83 $1,790.69 $216,040.43
Mar, 2040 193 $900.17 $890.52 $1,790.69 $215,149.91
Apr, 2040 194 $896.46 $894.23 $1,790.69 $214,255.68
May, 2040 195 $892.73 $897.96 $1,790.69 $213,357.72
Jun, 2040 196 $888.99 $901.70 $1,790.69 $212,456.02
Jul, 2040 197 $885.23 $905.46 $1,790.69 $211,550.56
Aug, 2040 198 $881.46 $909.23 $1,790.69 $210,641.33
Sep, 2040 199 $877.67 $913.02 $1,790.69 $209,728.31
Oct, 2040 200 $873.87 $916.82 $1,790.69 $208,811.49
Nov, 2040 201 $870.05 $920.64 $1,790.69 $207,890.85
Dec, 2040 202 $866.21 $924.48 $1,790.69 $206,966.37
Jan, 2041 203 $862.36 $928.33 $1,790.69 $206,038.04
Feb, 2041 204 $858.49 $932.20 $1,790.69 $205,105.84
Mar, 2041 205 $854.61 $936.08 $1,790.69 $204,169.76
Apr, 2041 206 $850.71 $939.98 $1,790.69 $203,229.78
May, 2041 207 $846.79 $943.90 $1,790.69 $202,285.88
Jun, 2041 208 $842.86 $947.83 $1,790.69 $201,338.05
Jul, 2041 209 $838.91 $951.78 $1,790.69 $200,386.27
Aug, 2041 210 $834.94 $955.75 $1,790.69 $199,430.52
Sep, 2041 211 $830.96 $959.73 $1,790.69 $198,470.79
Oct, 2041 212 $826.96 $963.73 $1,790.69 $197,507.06
Nov, 2041 213 $822.95 $967.74 $1,790.69 $196,539.32
Dec, 2041 214 $818.91 $971.78 $1,790.69 $195,567.54
Jan, 2042 215 $814.86 $975.83 $1,790.69 $194,591.71
Feb, 2042 216 $810.80 $979.89 $1,790.69 $193,611.82
Mar, 2042 217 $806.72 $983.97 $1,790.69 $192,627.85
Apr, 2042 218 $802.62 $988.07 $1,790.69 $191,639.78
May, 2042 219 $798.50 $992.19 $1,790.69 $190,647.59
Jun, 2042 220 $794.36 $996.33 $1,790.69 $189,651.26
Jul, 2042 221 $790.21 $1,000.48 $1,790.69 $188,650.78
Aug, 2042 222 $786.04 $1,004.65 $1,790.69 $187,646.13
Sep, 2042 223 $781.86 $1,008.83 $1,790.69 $186,637.30
Oct, 2042 224 $777.66 $1,013.03 $1,790.69 $185,624.27
Nov, 2042 225 $773.43 $1,017.26 $1,790.69 $184,607.01
Dec, 2042 226 $769.20 $1,021.49 $1,790.69 $183,585.52
Jan, 2043 227 $764.94 $1,025.75 $1,790.69 $182,559.77
Feb, 2043 228 $760.67 $1,030.02 $1,790.69 $181,529.75
Mar, 2043 229 $756.37 $1,034.32 $1,790.69 $180,495.43
Apr, 2043 230 $752.06 $1,038.63 $1,790.69 $179,456.80
May, 2043 231 $747.74 $1,042.95 $1,790.69 $178,413.85
Jun, 2043 232 $743.39 $1,047.30 $1,790.69 $177,366.55
Jul, 2043 233 $739.03 $1,051.66 $1,790.69 $176,314.89
Aug, 2043 234 $734.65 $1,056.04 $1,790.69 $175,258.85
Sep, 2043 235 $730.25 $1,060.44 $1,790.69 $174,198.41
Oct, 2043 236 $725.83 $1,064.86 $1,790.69 $173,133.55
Nov, 2043 237 $721.39 $1,069.30 $1,790.69 $172,064.25
Dec, 2043 238 $716.93 $1,073.76 $1,790.69 $170,990.49
Jan, 2044 239 $712.46 $1,078.23 $1,790.69 $169,912.26
Feb, 2044 240 $707.97 $1,082.72 $1,790.69 $168,829.54
Mar, 2044 241 $703.46 $1,087.23 $1,790.69 $167,742.31
Apr, 2044 242 $698.93 $1,091.76 $1,790.69 $166,650.55
May, 2044 243 $694.38 $1,096.31 $1,790.69 $165,554.24
Jun, 2044 244 $689.81 $1,100.88 $1,790.69 $164,453.36
Jul, 2044 245 $685.22 $1,105.47 $1,790.69 $163,347.89
Aug, 2044 246 $680.62 $1,110.07 $1,790.69 $162,237.82
Sep, 2044 247 $675.99 $1,114.70 $1,790.69 $161,123.12
Oct, 2044 248 $671.35 $1,119.34 $1,790.69 $160,003.78
Nov, 2044 249 $666.68 $1,124.01 $1,790.69 $158,879.77
Dec, 2044 250 $662.00 $1,128.69 $1,790.69 $157,751.08
Jan, 2045 251 $657.30 $1,133.39 $1,790.69 $156,617.69
Feb, 2045 252 $652.57 $1,138.12 $1,790.69 $155,479.57
Mar, 2045 253 $647.83 $1,142.86 $1,790.69 $154,336.71
Apr, 2045 254 $643.07 $1,147.62 $1,790.69 $153,189.09
May, 2045 255 $638.29 $1,152.40 $1,790.69 $152,036.69
Jun, 2045 256 $633.49 $1,157.20 $1,790.69 $150,879.49
Jul, 2045 257 $628.66 $1,162.03 $1,790.69 $149,717.46
Aug, 2045 258 $623.82 $1,166.87 $1,790.69 $148,550.59
Sep, 2045 259 $618.96 $1,171.73 $1,790.69 $147,378.86
Oct, 2045 260 $614.08 $1,176.61 $1,790.69 $146,202.25
Nov, 2045 261 $609.18 $1,181.51 $1,790.69 $145,020.74
Dec, 2045 262 $604.25 $1,186.44 $1,790.69 $143,834.30
Jan, 2046 263 $599.31 $1,191.38 $1,790.69 $142,642.92
Feb, 2046 264 $594.35 $1,196.34 $1,790.69 $141,446.58
Mar, 2046 265 $589.36 $1,201.33 $1,790.69 $140,245.25
Apr, 2046 266 $584.36 $1,206.33 $1,790.69 $139,038.92
May, 2046 267 $579.33 $1,211.36 $1,790.69 $137,827.56
Jun, 2046 268 $574.28 $1,216.41 $1,790.69 $136,611.15
Jul, 2046 269 $569.21 $1,221.48 $1,790.69 $135,389.67
Aug, 2046 270 $564.12 $1,226.57 $1,790.69 $134,163.10
Sep, 2046 271 $559.01 $1,231.68 $1,790.69 $132,931.42
Oct, 2046 272 $553.88 $1,236.81 $1,790.69 $131,694.61
Nov, 2046 273 $548.73 $1,241.96 $1,790.69 $130,452.65
Dec, 2046 274 $543.55 $1,247.14 $1,790.69 $129,205.51
Jan, 2047 275 $538.36 $1,252.33 $1,790.69 $127,953.18
Feb, 2047 276 $533.14 $1,257.55 $1,790.69 $126,695.63
Mar, 2047 277 $527.90 $1,262.79 $1,790.69 $125,432.84
Apr, 2047 278 $522.64 $1,268.05 $1,790.69 $124,164.79
May, 2047 279 $517.35 $1,273.34 $1,790.69 $122,891.45
Jun, 2047 280 $512.05 $1,278.64 $1,790.69 $121,612.81
Jul, 2047 281 $506.72 $1,283.97 $1,790.69 $120,328.84
Aug, 2047 282 $501.37 $1,289.32 $1,790.69 $119,039.52
Sep, 2047 283 $496.00 $1,294.69 $1,790.69 $117,744.83
Oct, 2047 284 $490.60 $1,300.09 $1,790.69 $116,444.74
Nov, 2047 285 $485.19 $1,305.50 $1,790.69 $115,139.24
Dec, 2047 286 $479.75 $1,310.94 $1,790.69 $113,828.30
Jan, 2048 287 $474.28 $1,316.41 $1,790.69 $112,511.89
Feb, 2048 288 $468.80 $1,321.89 $1,790.69 $111,190.00
Mar, 2048 289 $463.29 $1,327.40 $1,790.69 $109,862.60
Apr, 2048 290 $457.76 $1,332.93 $1,790.69 $108,529.67
May, 2048 291 $452.21 $1,338.48 $1,790.69 $107,191.19
Jun, 2048 292 $446.63 $1,344.06 $1,790.69 $105,847.13
Jul, 2048 293 $441.03 $1,349.66 $1,790.69 $104,497.47
Aug, 2048 294 $435.41 $1,355.28 $1,790.69 $103,142.19
Sep, 2048 295 $429.76 $1,360.93 $1,790.69 $101,781.26
Oct, 2048 296 $424.09 $1,366.60 $1,790.69 $100,414.66
Nov, 2048 297 $418.39 $1,372.30 $1,790.69 $99,042.36
Dec, 2048 298 $412.68 $1,378.01 $1,790.69 $97,664.35
Jan, 2049 299 $406.93 $1,383.76 $1,790.69 $96,280.59
Feb, 2049 300 $401.17 $1,389.52 $1,790.69 $94,891.07
Mar, 2049 301 $395.38 $1,395.31 $1,790.69 $93,495.76
Apr, 2049 302 $389.57 $1,401.12 $1,790.69 $92,094.64
May, 2049 303 $383.73 $1,406.96 $1,790.69 $90,687.68
Jun, 2049 304 $377.87 $1,412.82 $1,790.69 $89,274.86
Jul, 2049 305 $371.98 $1,418.71 $1,790.69 $87,856.15
Aug, 2049 306 $366.07 $1,424.62 $1,790.69 $86,431.53
Sep, 2049 307 $360.13 $1,430.56 $1,790.69 $85,000.97
Oct, 2049 308 $354.17 $1,436.52 $1,790.69 $83,564.45
Nov, 2049 309 $348.19 $1,442.50 $1,790.69 $82,121.95
Dec, 2049 310 $342.17 $1,448.52 $1,790.69 $80,673.43
Jan, 2050 311 $336.14 $1,454.55 $1,790.69 $79,218.88
Feb, 2050 312 $330.08 $1,460.61 $1,790.69 $77,758.27
Mar, 2050 313 $323.99 $1,466.70 $1,790.69 $76,291.57
Apr, 2050 314 $317.88 $1,472.81 $1,790.69 $74,818.76
May, 2050 315 $311.74 $1,478.95 $1,790.69 $73,339.81
Jun, 2050 316 $305.58 $1,485.11 $1,790.69 $71,854.70
Jul, 2050 317 $299.39 $1,491.30 $1,790.69 $70,363.40
Aug, 2050 318 $293.18 $1,497.51 $1,790.69 $68,865.89
Sep, 2050 319 $286.94 $1,503.75 $1,790.69 $67,362.14
Oct, 2050 320 $280.68 $1,510.01 $1,790.69 $65,852.13
Nov, 2050 321 $274.38 $1,516.31 $1,790.69 $64,335.82
Dec, 2050 322 $268.07 $1,522.62 $1,790.69 $62,813.20
Jan, 2051 323 $261.72 $1,528.97 $1,790.69 $61,284.23
Feb, 2051 324 $255.35 $1,535.34 $1,790.69 $59,748.89
Mar, 2051 325 $248.95 $1,541.74 $1,790.69 $58,207.15
Apr, 2051 326 $242.53 $1,548.16 $1,790.69 $56,658.99
May, 2051 327 $236.08 $1,554.61 $1,790.69 $55,104.38
Jun, 2051 328 $229.60 $1,561.09 $1,790.69 $53,543.29
Jul, 2051 329 $223.10 $1,567.59 $1,790.69 $51,975.70
Aug, 2051 330 $216.57 $1,574.12 $1,790.69 $50,401.58
Sep, 2051 331 $210.01 $1,580.68 $1,790.69 $48,820.90
Oct, 2051 332 $203.42 $1,587.27 $1,790.69 $47,233.63
Nov, 2051 333 $196.81 $1,593.88 $1,790.69 $45,639.75
Dec, 2051 334 $190.17 $1,600.52 $1,790.69 $44,039.23
Jan, 2052 335 $183.50 $1,607.19 $1,790.69 $42,432.04
Feb, 2052 336 $176.80 $1,613.89 $1,790.69 $40,818.15
Mar, 2052 337 $170.08 $1,620.61 $1,790.69 $39,197.54
Apr, 2052 338 $163.32 $1,627.37 $1,790.69 $37,570.17
May, 2052 339 $156.54 $1,634.15 $1,790.69 $35,936.02
Jun, 2052 340 $149.73 $1,640.96 $1,790.69 $34,295.06
Jul, 2052 341 $142.90 $1,647.79 $1,790.69 $32,647.27
Aug, 2052 342 $136.03 $1,654.66 $1,790.69 $30,992.61
Sep, 2052 343 $129.14 $1,661.55 $1,790.69 $29,331.06
Oct, 2052 344 $122.21 $1,668.48 $1,790.69 $27,662.58
Nov, 2052 345 $115.26 $1,675.43 $1,790.69 $25,987.15
Dec, 2052 346 $108.28 $1,682.41 $1,790.69 $24,304.74
Jan, 2053 347 $101.27 $1,689.42 $1,790.69 $22,615.32
Feb, 2053 348 $94.23 $1,696.46 $1,790.69 $20,918.86
Mar, 2053 349 $87.16 $1,703.53 $1,790.69 $19,215.33
Apr, 2053 350 $80.06 $1,710.63 $1,790.69 $17,504.70
May, 2053 351 $72.94 $1,717.75 $1,790.69 $15,786.95
Jun, 2053 352 $65.78 $1,724.91 $1,790.69 $14,062.04
Jul, 2053 353 $58.59 $1,732.10 $1,790.69 $12,329.94
Aug, 2053 354 $51.37 $1,739.32 $1,790.69 $10,590.62
Sep, 2053 355 $44.13 $1,746.56 $1,790.69 $8,844.06
Oct, 2053 356 $36.85 $1,753.84 $1,790.69 $7,090.22
Nov, 2053 357 $29.54 $1,761.15 $1,790.69 $5,329.07
Dec, 2053 358 $22.20 $1,768.49 $1,790.69 $3,560.58
Jan, 2054 359 $14.84 $1,775.85 $1,790.69 $1,784.73
Feb, 2054 360 $7.44 $1,784.73 $1,792.17 $0.00

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Interest Only Loan Calculator Excel

The interest only loan calculator excel with amortization will calculate the monthly payment based on mortgage amount, loan terms, interest rate, and the starting payment date. The interest only calculator will show a printable interest only loan amortization that is downloadable as a PDF. If you need to plug in more information such as the PMI, tax insurance, or any other data, please use the Mortgage Calculator With PMI and extra payment.


Mortgage Calculator for Interest Only Loan

The rate for interest rate only loans can change from month to month or it can be fixed for 10 years. The borrower only pays interest on the loan for a term that generally lasts for 5 to 7 years. At the end of the term, the borrower can either start paying principal on the mortgage or pay off the mortgage by making a lump sum payment or they can choose to refinance their home. This mortgage calculator for interest only loans calculates the initial interest only mortgage payments and monthly mortgage payments including principal after the interest only period term.


What are interest only mortgages?

An interest only mortgage is a mortgage that gives a borrower the option to make only interest payments for a certain period before the regular payments start to kick in. The interest only period could be anywhere from 5 to 10 years on a 30-year term. When the initial interest only period ends, the interest rate for the loan becomes adjustable which means the interest rate varies each year. On a conventional mortgage, the monthly payments consist of two parts, the interest, and the principal. Since an interest only mortgage allows a borrower to pay only the interest for the first several years, the monthly payment is smaller than a conventional mortgage. This type of interest only loan is attractive to those who can't afford large monthly payments, but borrowers end up paying much more for the life of the loan. When the interest only period ended, many borrowers got into trouble because the monthly payments increased as they now are required to pay the principal on top of the interest payment, and their interest rate could go up since it is adjustable after the initial interest only period is over.


Pros and cons of an interest only mortgage?

Following is a list of the pros and cons of an interest only mortgage. Pros

  • Lower Monthly Payment - The monthly payments are lower in the interest only period since the borrower is only required to make interest payments.

  • Afford To Buy a House - Interest only mortgage helps some borrowers buy a house that they couldn't afford otherwise.

  • Lower Rates Initially - The initial rate for interest only mortgage are generally lower than a fixed-rate mortgage since they are adjustable after the interest only period ended.

  • More Cash Flow - Since borrowers are only required to make interest payments each month, they will have more cash in their pockets for other use.
Cons
  • No Equity in Your Home - Since you are not making principal payment, you are not building equity in your home.

  • Increase Monthly Payment - After the interest only period, your monthly payments will be much larger since you are now required to make principal payments in addition to the interest payments.

  • Interest Rate Going Up - Since the interest rate will become adjustable after the interest only period, it could go up substantially, and a borrower might not be able to repay the loan.

  • Balloon Payment - Some interest only loan requires a big lump sum payment or balloon payment at the end of the loan term.


Interest only mortgage requirements

The requirement for an interest only mortgage is generally stricter than conventional mortgages because they are riskier for lenders. The lender may require the borrower to have a higher credit score, a bigger down payment, and lower debt to income ratio. The banks want to make certain that they can get their money back plus interest.


Should I get an interest only mortgage?

We do not recommend interest only mortgages for most people as they are way riskier than a fixed-interest loan. Some people use interest-only mortgages for investment purposes, to buy houses that they otherwise couldn't afford, expecting the housing market to go up. While houses do appreciate over time, recessions happen. During the housing bubble of 2008, many people lost their homes because they couldn't afford mortgage payments. Think twice if you are really thinking of getting an interest only mortgage, use our interest only mortgage calculator to calculate the costs and the monthly payments. Please note, our interest only loan calculator does not take into account the adjustable rate.

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