Interest Only Payment Option Calculator

Interest Only Payment Calculator

Loan Amount:
Interest Rate¹:		%

Payment Options
30-Year Principal and Interest Payment:	$599.55
Interest Only Payment²:	$500.00
Monthly Savings³:	$99.55

Assumptions:

¹ The interest-only payment and the monthly savings will change as the interest rate changes. Rates are for calculation purposes only, please call your loan officer for rate quotes.

² The interest-only payment option is only available during the initial interest only payment period. This is only in the first ten to fifteen years. Some programs have shorter initial interest only periods. For example: on a 5/1 ARM, the interest-only period may be only the first five years.

³ Monthly savings is based on the thirty-year, amortized principal and interest payment.

1st Advantage Mortgage, LLC - 747 N LaSalle Street 6th Floor - Chicago, IL 60654
Office Phone: (312) 867-5363 x255 Fax: (312) 654-7215 Cell Phone: (312)735-3419

Licensed Nationally

IAMB - Illinois Association of Mortgage Brokers