# Interest Only Mortgage Calculator

Interest-only mortgage is a mortgage where you only pay the interest every month. The advantage of this type of mortgage is that your monthly payment is lower than the conventional mortgage (this calculator will show you how much lower). The disadvantage is that your mortgage principal will not decrease over time, so you are not building up any equity on the house.

Use this interest only mortgage calculator to find the monthly payment required for an interest-only mortgage.

Mortgage Amount: | |

Mortgage Term: | Years |

Interest Rate: | % |