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| Interest Only Mortgage Formula: Interest Only Mortgage Payment = Mortgage Amount * Annual Interest Rate / 12 | |||
Interest Only Mortgage Definition The Interest Only Mortgage Calculator will calculate the mortgage payment for an interest only loan if you enter in the mortgage amount and the mortgage interest rate. An interest only mortgage is a type of mortgage where the mortgage payment is comprised 100% of interest and no principal. Try out the free online interest only mortgage calculator to calculate an interest only mortgage payment now! How to Calculate Interest Only Mortgage Let's be honest - sometimes the best interest only mortgage calculator is the one that is easy to use and doesn't require us to even know what the interest only mortgage formula is in the first place! But if you want to know the exact formula for calculating interest only mortgage then please check out the "Formula" box above. |