Interest-Only vs. Traditional Mortgage
See the low interest-only payment, and the jump when principal repayment begins.
Your numbers
Loan amount
$
Interest rate
%
Interest-only period (years)
Total term (years)
Your payments
Interest-only payment
,
After the interest-only period, the balance is repaid over the remaining term, so the payment rises sharply. Illustrative; assumes a fixed rate.
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