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We may receive compensation when you click on such partner offers. An interest-only mortgage is a home loan that allows you to only pay the interest for the first several years you have the mortgage. After that period, you'll need to pay principal and interest, which means your payments will be significantly higher.
You can make principal payments during the interest-only period, but you're not required to. Federal Deposit Insurance Corporation. University of Hawaii Department of Mathematics.
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Table of Contents Expand. Table of Contents. Find out when to get rid of private mortgage insurance. Once you have 20 percent equity, that fee goes away, which means more money in your pocket. Simply enter in the original amount of your mortgage and the date you closed, and click "Show Amortization Schedule.
Close Close icon. Rates are expected to jump following the next Fed meeting. Countdown to Fed day -- Days. Email address. Sign up. You can input a different home price, down payment , loan term and interest rate to see how your monthly payment changes. Our monthly payment estimates are broken down by principal , interest, property taxes and homeowners insurance.
We take our calculator a step further by factoring in your credit score range , ZIP code and HOA fees to give you a more precise payment estimate. After you run some estimates, read on for more education and homebuying tips. First, next to the space labeled "Home price," enter the price if you're buying or the current value of your home if you're refinancing.
A down payment is the cash you pay upfront for a home, and home equity is the value of the home, minus what you owe. Finally, in the "Interest rate" box, enter the rate you expect to pay. Our calculator defaults to the current average rate, but you can adjust the percentage. As you enter these figures, a new amount for principal and interest will appear to the right.
Mortgage payment formula Want to figure out how much your monthly mortgage payment will be? Multiply the number of years in your loan term by 12 the number of months in a year to get the number of total payments for your loan. About our Mortgage Rate Tables The above mortgage loan information is provided to, or obtained by, Bankrate. If you don't see it, you can use a relatively simple formula to calculate the number yourself. Take your total outstanding balance on your mortgage or any other loan.
Then, take your annual interest rate and divide by 12 to find your monthly interest rate, since there are 12 months in a year. Multiply the balance by the monthly rate to find your current monthly interest payment.
Subtract the monthly interest payment from your total monthly payment. Also subtract any special amounts paid for things like property tax, homeowners' insurance or other costs.
The rest of your monthly payment is the principal.
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