Compare monthly payments for interest-only loans with traditional fully amortized loans, and see how much you can save. Just fill in the information below to get started.

Please note that your actual payments and savings may vary substantially from this estimate based on your actual mortgage product, interest rate, and term. This calculator is intended is for informational purposes only.


  1. Enter the total amount you plan to borrow, called the "principal" - this will be the total purchase price of your home minus your down payment.
  2. Enter an interest rate. If you don't know what interest rate to enter, you can get a rate quote, or use the current average rates on the right.
  3. Enter the number of years you plan to repay the loan over, also called the "loan term". Most mortgages terms are 30 or 15 years, though some lenders offer 25, 40, and other loan terms.
  4. Click compute. Your interest-only payment and fully amortized payments will be calculated, and your monthly savings with an interest-only loan will automatically be displayed.

Interest-Only Loan Calculator

Loan Amount $
Interest Rate (%)
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Loan Term (in years)     Years


Interest Only Payment $
Fully Amortized Payment $
Monthly Savings with Interest-Only Loan $

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Type of Loan

Mortgage Refinance
Home Equity Loan or Line
Debt Consolidation
New Home Loan

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Historical Federal Funds Rate

30-Year Fixed Rate -

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15-Year Fixed Rate -

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*National Rates