H3 Homes - Mortgage Calculators

07.21.2010

Summer time is here! Let H3 Homes build you your dream home. We can make changes to any existing floorplans or build you a custom home...››

01.01.2010

Happy New Year from H3 Homes! Congress Extends and Expands The $8,000 First-Time Homebuyer Tax Credit, plus...››

05.07.2009

Tune in and catch H3 Homes throughout the day on Coast 101.3 FM Radio...››

[ MORE NEWS ]

Interest-Only Calculator

Input Information

Loan Information
Amount :	($)
Interest-Only Rate :	(%)
Conventional Loan Rate :	(%)
Length :	(Yrs)

Let Me Print That Form in PDF!
Send calculation results to email
Send to Email Address :
Name :
Phone # :
Show Schedule Table

Free calculators brought to you by H3 Homes, Inc.

Financial Analysis (Switch to Plain English)

Interest-Only Loan Payment :	$989.58
Total Interest-Only :	$356,250.00
Monthly Principal & Interests :	$1,342.05
Total Principal & Interest :	$483,139.46

Plain English Help (Switch to Financial Analysis)

When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. With an interest only loan, you will pay only on the interest when you make your monthly payments and you will eventually be called upon to pay the principal. It is a wise financial decision to compare the two types of loans before deciding which one is best for you. If you wanted to borrow $250,000.00 for the purchase of your home, you might be offered a standard loan with a 5.000% interest rate or an interest only loan with a 4.750% interest rate, with both being 30 year loans. With an interest only loan, your monthly payment would be $989.58, while a standard loan would be $1,342.05. Under this plan, the total interest only cost would be $356,250.00, while the total standard loan cost would be $483,139.46.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.