Interest Only with Extra Payments Calculator - Calculate Now
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Interest Only with Extra Payments Calculator

Interest Only with Extra Payments Calculator - determine your mortgage payments for an interest only loan with additional monthly payments.
      
Loan Amount $
Loan Length years
Interest Rate %
Additional Payment $
 

 
 
 

This calculator help you make a decision between paying your regular mortgage payment and paying extra each month. It will calculate the monthly payment under interest only and interest only with additional payment options. It will also tell you how much interest you will save for the lifetime of the loan and how much equity you will accrue if you pay extra each month.

In general, if you pay more each month, the extra payment will reduce your loan principal and at the expiration of the interest only loan you will owe less to the bank. If you don't pay extra each month, you loan balance at the end of the loan will be the same as that at the beginning (since the interest only payment option does not amortize the loan principal).

Typically if your loan-to-value (LTV) is more than 80%, the lenders will require that you obtain private mortgage insurance (PMI), however this calculator does not account for PMI. The reason is that today many lenders offer alternatives programs like 80:10:10 or 80:20 which do not require you to pay PMI.

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