Interest-Only Mortgage Calculator
See how an interest-only mortgage works during the IO period and what happens when payments reset to fully amortizing. Compare monthly payments, total interest, and remaining balance against a traditional fixed-rate mortgage.
Inputs
$
%
$
Optional extra toward principal during IO period
Results
IO Monthly Payment
$2,167
Post-IO Payment
$2,982
Payment Increase
37.6%
Total Interest
$575,750
Monthly Payment Comparison
Loan Balance Over Time
Year-by-Year Breakdown
| Year | Phase | Total Paid | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 2 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 3 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 4 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 5 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 6 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 7 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 8 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 9 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 10 | Interest Only | $26,000.00 | $0.00 | $26,000.00 | $400,000.00 |
| 11 | Amortizing | $35,787.51 | $10,084.43 | $25,703.08 | $389,915.57 |
| 12 | Amortizing | $35,787.51 | $10,759.80 | $25,027.71 | $379,155.77 |
Frequently Asked Questions
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