Interest Only vs Loan Amortization

This calculator that will help you to see the difference between a normal, amortized mortgage and an interest-only mortgage.

Interest Only vs Loan Amortization
Current mortgage's beginning loan amount:
Current interest rate (%):
Original loan term (months):
Total monthly payment (including tax & insurance):
Number of payments already made:
Date next payment due:
Extra amount you could comfortably add to the payment each month:

Current mortgage payment less escrow:
Interest you've already paid:
Current approximate balance of your mortgage:
Results	Current	Current Plus Extra	Bi-Weekly	Bi-Weekly plus Extra
Mortgage payment:
Years to pay off:
Interest savings:
Monthly payments eliminated:
Total payment savings:
Equity after 5 years:
Equity after 10 years:
Balance due after years:
Results (continued)	Current	Current plus Extra	Bi-Weekly	Bi-Weekly plus Extra
Average monthly savings:
Average annual savings:
Equivalent interest rate:
Cash available after years:*
Payment Schedules:**
*Based upon a 10% yield of the money saved over the life of the loan.
**Payment schedules may take a while to appear -- depending on the speed of your computer and the number of payments remaining.