Interest Only Mortgage Calculator
This interest-only mortgage calculator compares side-by-side the monthly payment for an interest-only mortgage to a conventional principal and interest mortgage. You can include taxes, insurance, PMI, and association dues to get a complete picture of the two mortgage payments.
Before you are tempted by the lower cost of an interest-only mortgage make sure you consider the risks. Rates on interest-only loans can change frequently while others are fixed for a 10-year period so read the fine print. Also, beware of balloon payments and/or negative amortization on some loans.