Interest-only mortgage calculator
Interest-only mortgages are becoming increasingly popular for those looking to get a foot in the property market without being left with empty pockets at the end of each month, and/or to mitigate some of the buying cost of purchasing property. Normal principal and interest home loans mean your repayments go towards reducing the principal and covering interest for that period. Interest only loans just pay for the interest on the amount you borrow. Quite often, there is a period of 5 years interest only (an introductory rate period), after which the repayments go up as the loan changes to principal and interest. Generally speaking interest rates are higher on interest-only loans than for standard home loans, and to cover the first 5 years of not paying off the principal, the repayments at the end of the 5 years will be higher than if you had been chipping away at it for that time. This calculator allows you to set the interest only period, the loan amount and terms, as well as any fees. Then you’ll be given a handy graph and breakdown of the total interest payable over the life of the loan.
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