Gs4 Security: Home Loan Calculator

Wednesday, 19 December 2012

Home Loan Calculator

In an interest only mortgage, the borrower pays only toward the accumulating interest on the mortgage loan during the first years of the loan. The borrower holds off paying toward the principal until after the interest-only period expires, which gives the borrower a lower monthly mortgage payment initially. This is in contrast to a traditional, conventional loan where the borrower pays both principal and interest payments throughout the lifetime of the loan.An interest only is a tool that shows the breakdown of such a loan. It can help potential borrowers to see how much the monthly loan payment will be. It also takes into account the details of the loan, such as if a balloon payment is part of the terms. Using this type of calculator can show you the details of the loan along with:An estimated monthly payment based on the available interest rate and borrowed amount.An amortization schedule for an interest only loan, including the breakdown of how much it will cost to borrow the funds over the lifetime of the loan. The amortization schedule lists the monthly payment during the interest-only period and in the secondary repayment phase, which combines interest and principal.This calculator can provide detailed information, but is only as accurate as the information inputted by the user. You can find interest only mortgage calculators at