Interest Only Payment Option Calculator

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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.

Team Mortgage Company - 500 Cascade West Parkway - Grand Rapids, MI 49546
Office Phone: (616) 974-9710 Fax: (616) 829-5912
Cell Phone: (616) 318-0385

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We lend in the following states: MI

Equal Housing Opportunity

NAMB - National Association of Mortgage Brokers