A fixed-rate loan with an interest-only option is fairly simple to understand and predict, but interest-only mortgages with adjustable rates seem much more risky. Use this calculator to estimate payments when buying a home in San Gabriel Valley, CA, including advanced options such as PITI, PMI, taxes and insurance. I can't answer that for you, but I would strongly recommend reading through the material listed in the references below. If you want to include extra payments, you enter them in the amortization table.īe sure to read the comments within the file (marked with a little red triangle on some of the cells) if you have questions. Simply enter your loan information in the cells with the white background and everything else is calculated automatically. Our spreadsheet should be pretty intuitive to use. We've also made a few cosmetic changes and updated comments and help info.Ī commercial use version of this Interest-Only Loan calculator is included as a bonus spreadsheet when you purchase the Loan Amortization Schedule. Update : The main XLSX version for Excel 2007+ has been updated to allow duplicating the loan worksheet (for comparing different loans within the same workbook). See how soon you could pay off your home by making extra payments. It will work for an interest-only loan or interest-only mortgage. Description - Use this free mortgage payment calculator to determine the monthly payment for different mortgages. This means that you’ll need to repay the full mortgage amount in one lump sum at the end of the mortgage or when you sell the property. These payments do not pay off any capital of the sum originally borrowed. Once the interest-only period ends, borrowers begin making payments on the principal amount as well or choose to refinance. This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period. An interest only mortgage allows you to make monthly payments that just cover the interest on the money you have borrowed. What is Interest-Only Mortgage Interest-only mortgages are a type of loan in which the borrower initially makes payments consisting of just the interest amount for a specified period of time.
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