Interest Only Calculator

Loan Amount:
Interest Rate1:		%

Payment Options
30-Year Principal and Interest Payment:	$599.55
Interest-Only Payment2:	$500.00
Monthly Savings3:	$99.55

Assumptions:

¹ The interest-only payment and the monthly savings will change as the interest rate changes. Rates are for calculation purposes only, please call your loan consultant for rate quotes.

² The interest-only payment option is only available during the initial interest only payment period. This is only in the first ten to fifteen years. Some programs have shorter initial interest only periods. For example: on a 3/1 or 5/1 ARM, the interest-only period may be only the first three or five years respectively.

³ Monthly savings is based on a 30 year amortized principal and interest payment.