Interest-Only Mortgage Payments Calculator

By NerdWallet 
Edited by Tim Manni

Some or all of the mortgage lenders featured on our site are advertising partners of NerdWallet, but this does not influence our evaluations, lender star ratings or the order in which lenders are listed on the page. Our opinions are our own. Here is a list of our partners.

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.

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Rocket Mortgage

4.0

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4.0

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620

Min. down payment 
1%

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NBKC - PURCHASE logo
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on NBKC

NBKC

4.5

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NBKC - PURCHASE logo

4.5

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620

Min. down payment 
3%

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on NBKC

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on Guaranteed Rate

Guaranteed Rate

5.0

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Guaranteed Rate - PURCHASE logo

5.0

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Min. credit score 
620

Min. down payment 
3%

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on Guaranteed Rate

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