Interest Only Mortgage Calculator can be used to calculate monthly repayments for both interest-only and full amortization phase in the loan term. There is no amortization of principal during the loan period. ![]() After the interest only period is over, your loan repayments will enter the full amortization phase. Interest-only loansare loans where the borrower pays only the monthly interest for a set term while the principal balance remains unchanged. Interest-Only Period: It is a certain period in the entire loan term where you can only pay monthly interest charges in your loan. Repayment Frequency: Repayment Frequency is the interval of repayments which is monthly, fortnightly or weekly determined by the mortgage provider. Loan Fee: Applicable charges on your mortgage. You can choose a Loan Term that suits you the best from the options provided by the lenders. Loan Term: Loan Term is the time duration within which you plan to repay your mortgage. Interest Rate: Interest Rate is the rate that is determined by the mortgage provider on your loan. Loan Amount: Loan Amount means the amount that you intend to borrow for your home loan. To calculate your monthly repayments, simply enter the variables as mentioned and your monthly repayments during and after the interest-only period, total interest/fee payable as well as total payments on your mortgage will be displayed precisely.Įnter the following variables to use the calculator If you have taken an interest-only mortgage or you are planning to make one,it can be a reliable tool because it forecasts your monthly repayments during and after the interest-only period. Interest Only Mortgage Calculator is very simple to use. Applications are subject to credit approval.How to use the Interest Only Mortgage Calculator? Terms, conditions, fees and charges apply. This implicitly assumes that a year has 364 days rather than the actual 365 or 366. One year is assumed to contain exactly 52 weeks or 26 fortnights.
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