Interest-Only Mortgage Calculator
During the interest-only period you pay only the interest, so payments are low — but the balance doesn't fall. When it ends, payments jump to amortize the loan.
Your details
Interest-only payment
$2,166.67
- Payment after IO period
- $2,982.29
- Total interest
- $575,750.21
Interest-only vs full payment
- Interest-only payment
- $2,166.6742%
- Payment after interest-only period
- $2,982.2958%
Interest-only payment$2,166.67
Formula
Interest-only payment = balance × monthly rate. After the IO period, the balance amortizes over the remaining years.
Frequently asked questions
What's the catch with interest-only?⌄
You build no equity during the interest-only period, and the payment rises — often sharply — once amortization begins. Plan for that jump.
Sources & methodology
- •CFPB — mortgages — CFPB
Last updated: 2026-07-20
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