Independent calculation workspace
Interest-Only Loan Calculator
Compare the interest-only payment and the higher payment after the interest-only period ends
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Loan Details
Years you pay interest only
Full length of the loan
Interest-Only vs. Standard Loan
Interest-Only Loan
Standard Amortizing Loan
Your savings
Payment Summary
During the interest-only period your balance doesn't fall, so the payment jumps to about $3,101.20 once principal kicks in. Plan for that increase, and consider voluntary principal payments to soften it. Estimates only.
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How to use this Interest-Only Loan Calculator
Enter the loan amount, rate, the length of the interest-only period, and the total term. The calculator shows the interest-only payment, the payment after that period, and the total interest versus a standard loan.
How the interest-only loan estimate works
Interest-only loans keep early payments low by deferring principal. The trade-off is a higher payment later and more total interest, since the balance stays put during the interest-only window.
Before you compare offers
Plan for the payment jump before it arrives. If you can, make voluntary principal payments during the interest-only period to soften the later increase and cut total interest.
Frequently Asked Questions
For an initial period you pay only the interest, so payments are lower but the balance does not fall. When that period ends, payments jump as you begin repaying principal over the remaining term.
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