Home Calculators Interest Only Calculator

Interest Only Calculator

Calculate your interest-only monthly payment and compare it with a fully amortizing mortgage. See total interest costs side by side.

Enter loan amount, rate, and term

Loan Amount ($)

Annual Interest Rate (%)

Loan Term (years)

Interest-Only Period (years)

0 for full term interest only

Start Date (optional)

Interest-Only Monthly Payment $—

Payment Comparison

Interest Only$—

Amortizing$—

IO Monthly Payment

—

interest only

Amortizing Payment

—

principal + interest

IO Total Interest

—

over full term

Monthly Savings (IO)

—

vs. amortizing

IO Payment

P × r / 12

Amortizing Payment

P × r(1+r)ⁿ / ((1+r)ⁿ−1)

Total Interest

Σ(Monthly) − Principal