Interest Only Mortgage Calculator
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Monthly Repayment (5 years)
$0.00
Monthly Repayment (25 Years)
$0.00
Total Interest / fee Payable
$0
Total Payments
$0
Loan Balance Chart
Total Payment
Loan Balance
Note: The information provided by the calculator is intended to provide illustrative examples based on stated assumptions and your inputs. Calculations are meant as estimates only and it is advised that you consult with a finance broker about your specific circumstances.
Description
This calculator helps you work out repayments for an interest-only period, then principal and interest repayments for the remaining loan term.
Assumptions
- It does not take into account any possible up-front fees. Only Ongoing fees are used not Upfront or End of loan fees (i.e. discharge costs)
- Interest rate does not change over the loan term.
- Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly. In practice, interest compounding frequency may not be the same as repayment frequency.
- It is assumed that a year consists 26 fortnights or 52 weeks which is counted as 364 days rather than 365 or 366 days.
- No rounding is done throughout calculation whereas repayments are rounded to at least the nearer cent in practice.