Interest-only Mortgage Calculator

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Interest-only Mortgage Calculator
by Richard Insley, BOL Guru
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QUESTION: Where can I find a mortgrage calculator that will tell me how much my interest-only payments would be if I choose that option?

ANSWER: If the loan is truly "interest only", then the math can be handled on the corner of a scratch pad with a #2 pencil: loan amount X annual interest rate X number of years to maturity. If the maturity is not an equal number of years, divide the rate by 12 and multiply by the number of months in the loan term instead of years.

First published on BankersOnline.com 2/4/02

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