An interest-only mortgage provides flexibility to the borrower in the early years of the loan. Borrowers can pay only interest, or can choose to repay some portion of the loan balance as they see fit. However, after interest-only payments for a period of years, the amount borrowed must be repaid over a shorter period of time, producing a significant increase in payments.
Mortgage calculators
Interest Only Mortgage Calculator
Use this calculator to look at the interest cost of the loan, as well as evaluate the impact of principal payment.
