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Use
this
calculator
to
generate
an
amortization
schedule
for
an
interest
only
mortgage.
Quickly
see
how
much
interest
you
will
pay
and
your
principal
balances.
You
can
even
determine
the
impact
of
any
principal
prepayments!
Press
the
"View
Report"
button
for
a
full
yearly
or
monthly
amortization
schedule
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Definitions |
- Mortgage amount
- Original or expected balance for your mortgage.
- Interest rate
- Annual interest rate for this mortgage.
- Term in years
- The number of years over which you will make payments on this interest only mortgage. This calculator assumes that a balloon payment will be due at the end of your loan term for the outstanding principal balance.
- Monthly payment
- Monthly interest payment.
- Total payments
- Total of all monthly payments over the full term of the mortgage. This total payment amount assumes that there are no prepayments of principal.
- Total interest
- Total of all interest paid over the full term of the mortgage. This total interest amount assumes that there are no prepayments of principal.
- Prepayment type
- The frequency of prepayment. The options are: none, monthly, yearly, and one-time payment.
- Prepayment amount
- Amount that will be prepaid on your mortgage. This amount will be applied to the mortgage principal balance, based on the prepayment type.
- Start with payment
- This is the payment number that your prepayments will begin with. For a one time payment, this is the payment number that the single prepayment will be included in. All prepayments of principal are assumed to be received by your lender in time to be included in the following month's interest calculation. If you choose to prepay with a one-time payment for payment number ZERO, the prepayment is assume to happen before the first payment of the loan.
- Savings
- Total amount of interest you will save by prepaying your mortgage.
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Information
and
interactive
calculators
are
made
available
to
you
as
self-help
tools
for
your
independent
use
and
are
not
intended
to
provide
investment
advice.
We
can
not
and
do
not
guarantee
their
applicability
or
accuracy
in
regards
to
your
individual
circumstances.
All
examples
are
hypothetical
and
are
for
illustrative
purposes.
We
encourage
you
to
seek
personalized
advice
from
qualified
professionals
regarding
all
personal
finance
issues. |
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