You can set up your loan in a way that you pay
interest-only payments for a specific period of time, and then start paying off the interest and the principle once that period has ended.
Use this calculator to determine your monthly mortgage payments when you take out a predetermined interest-only period loan
Input
Financial Analysis
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Standard
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With Interest-Only
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Interest-Only Payment
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-
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$1,062.50
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Monthly Payment
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$1,247.74
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$1,295.19
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Payments During Interest-Only Period
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$44,918.63
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$38,250.00
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Average Period Payments
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$1,247.74
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$1,155.58
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Total Monthly Payment
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$74,864.39
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$69,334.64
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Total Interest Paid
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$61,814.88
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$63,395.14
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Interest Savings
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$1,580.27
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$0.00
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Balance at Sale
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$186,950.49
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$194,060.50
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DISCLAIMER:
Although this is an estimation of the information you provided, none of these
figures are guaranteed. Final statistics can only be given by the financial
institution that supplies you with the loan or other financial services. You
must double check with your provider to ensure accurate information. Please
read the Terms of Use
for further details.
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