Interest Only Calculator
An interest-only feature can get you lower payments in the first years of your mortgage, probably when you need them most. Input your loan amount, interest rate, and mortgage term (number of years) into the interest-only mortgage calculator to see the difference in payment between a traditional and an interest-only mortgage.
Pros and Cons of Interest Only Mortgage Loans
Although an interest-only loan can provide the benefit of a lower monthly mortgage payment and an increase in cash flow, it's important to keep in mind that none of your payment amount is applied to your loan balance; it will remain the same as long as you're making interest-only payments. And eventually you will need to make higher payments to pay down the entire balance over the remaining term, or refinance the loan.