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Interest-Only Mortgage Payments Calculator
Learn more about our editorial guidelines.
![Tim Manni](https://www.nerdwallet.com/assets/blog/wp-content/uploads/2022/12/Tim_Manni_WP-160x160.jpeg)
Lead Assigning Editor | Homebuying, personal finance, content strategy
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An interest-only mortgage typically has a fixed rate and fixed monthly payments for an initial period — say, the first 10 years. These initial payments pay down only the interest on the loan, not the principal. At the end of the initial period, the rate changes from fixed to adjustable, and the monthly payments increase, becoming payments toward principal and interest for the remaining loan term.
This calculator helps you compare the payments during the interest-only period to the payments on a fully amortizing mortgage.
Now that you understand the difference in payments, learn more about how to choose the best mortgage or shop some of the best interest-only mortgage lenders.
Mortgage loans from our partners
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NBKC
5.0
NerdWallet rating5.0
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5.0
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4.5
NerdWallet ratingon Better
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5.0
NerdWallet rating5.0
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NBKC
5.0
NerdWallet rating5.0
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on Rocket Mortgage
Rocket Mortgage
5.0
NerdWallet rating5.0
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on Tomo
Tomo
4.0
NerdWallet rating4.0
NerdWallet rating3%
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on Better
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4.5
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4.5
NerdWallet ratingon Better
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Veterans United
4.0
NerdWallet rating4.0
NerdWallet ratingon Veterans United
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Rocket Mortgage
5.0
NerdWallet rating5.0
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on NBKC
NBKC
5.0
NerdWallet rating5.0
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New American Funding
4.5
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4.5
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Guaranteed Rate
5.0
NerdWallet rating5.0
NerdWallet ratingon Guaranteed Rate
![First Federal Bank - REFINANCE logo](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/img/home/mortgage/lenders/FirstFedBank_6.21.23.png)
on First Federal Bank
First Federal Bank
4.0
NerdWallet rating![First Federal Bank - REFINANCE logo](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/img/home/mortgage/lenders/FirstFedBank_6.21.23.png)
4.0
NerdWallet ratingN/A
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Figure
4.5
NerdWallet rating![Figure - HOME_EQUITY logo](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/img/home/mortgage/lenders/FigureLogoNoNmls_6.20.23.png)
4.5
NerdWallet ratingN/A
on Figure
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on New American Funding
New American Funding
4.0
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4.0
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on Bethpage Federal Credit Union
Bethpage Federal Credit Union
5.0
NerdWallet rating![Bethpage Federal Credit Union - HOME_EQUITY logo](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/img/home/mortgage/lenders/Bethpage_EqualHousingLender.png)
5.0
NerdWallet ratingN/A
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5.0
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5.0
NerdWallet ratingN/A
on Achieve
![New American Funding - HOME_EQUITY logo](https://www.nerdwallet.com/cdn/img/home/mortgage/lenders/NAF_3.23.23_3.png)
on New American Funding
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4.0
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4.0
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4.5
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4.5
NerdWallet ratingN/A
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on Bethpage Federal Credit Union
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5.0
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5.0
NerdWallet ratingN/A
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4.0
NerdWallet rating4.0
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5.0
NerdWallet rating5.0
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4.5
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5.0
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5.0
NerdWallet rating5.0
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4.0
NerdWallet rating4.0
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5.0
NerdWallet rating5.0
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5.0
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4.0
NerdWallet ratingon New American Funding
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4.5
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4.5
NerdWallet ratingN/A
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Bethpage Federal Credit Union
5.0
NerdWallet rating![Bethpage Federal Credit Union - HOME_EQUITY logo](https://www.nerdwallet.com/cdn-cgi/image/quality=85/cdn/img/home/mortgage/lenders/Bethpage_EqualHousingLender.png)
5.0
NerdWallet ratingN/A
on Bethpage Federal Credit Union
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