A fixed-rate loan with an interest-only option is fairly simple to understand and predict, but interest-only mortgages with adjustable rates seem much more risky. I can't answer that for you, but I would strongly recommend reading through the material listed in the references below. If you want to include extra payments, you enter them in the amortization table.īe sure to read the comments within the file (marked with a little red triangle on some of the cells) if you have questions. Simply enter your loan information in the cells with the white background and everything else is calculated automatically. How To Use This Interest-Only Mortgage Calculator To use this interest-only mortgage. Our spreadsheet should be pretty intuitive to use. Use this interest-only calculator to see how much one of these loans might cost you. We've also made a few cosmetic changes and updated comments and help info.Ī commercial use version of this Interest-Only Loan calculator is included as a bonus spreadsheet when you purchase the Loan Amortization Schedule. With a 30-year mortgage, Johns monthly mortgage payment (P) will be 489.02. Want to know how your mortgage repayments will be affected on Principal & Interest (P&I) compared to Interest Only Or. Update : The main XLSX version for Excel 2007+ has been updated to allow duplicating the loan worksheet (for comparing different loans within the same workbook). mortgage calculator offers a free mortgage calculator. Calculate differences in repayment types. It will work for an interest-only loan or interest-only mortgage. This spreadsheet creates an amortization schedule for a fixed-rate loan, with optional extra payments and an optional interest-only period.
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