Interest-Only Mortgage Calculator

Calculate the monthly payment on an interest-only mortgage. Free IO mortgage calculator with future payment shock warning.

principal

loan

Result

1,300.00

Breakdown

Loan Amount
240,000

Frequently Asked Questions

How are monthly mortgage payments calculated?▼
Monthly mortgage payments use the amortization formula M = P[r(1+r)^n]/[(1+r)^n-1], where P is the loan amount, r is the monthly interest rate, and n is the number of payments.
What is PMI and when do I need it?▼
PMI (Private Mortgage Insurance) is typically required when your down payment is less than 20% of the home price. It protects the lender, not you.

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