Use this calculator to determine the monthly payments of an interest-only mortgage loan.Remember, the Total Payments field at the bottom of the calculator represents only the amount of interest that has been paid over the life of the loan; the full balance of the principal, therefore, remains unpaid.
To use the calculator, enter the following information:
Loan information: Amount (of mortgage), Interest Rate and Length (in years).
The calculator will compute the following information:
Monthly Principal and Interest
Total Payments
The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.