Menu Show Menu Show Menu
HomeMeet the TeamToday's RatesBest Loan For YouTypes of LoansCredit ReportsGet Pre-QualifiedMortgage CenterLoan ChecklistLoan ApplicationMortgage GlossaryPrivate SaleAccepting FSBOLocal and State InfoReal Estate GlossaryTips By EmailHome Search
ASSURANCE HOME LOAN INC. nmls345907
150 Coconut Dr Suite #202
Indialantic, FL 32903
Phone: (321) 728-0101
Fax: (321) 339-1907
Locally Owned and Operating in Florida since 1990
 
 
We Like to Say Yes
 
Reverse Mortgage Experts
 
 
Assurance Home Loan Inc.
 
"Proudly Serving all counties in Florida since"
 
1998
 
 
Reverse Mortgage Experts since
 
2001
Mortgage Calculator     
Calculators Provided by: IMAGEPROWEBSITE.COM

Interest-Only with Additional Payments Calculator

Input Information
Loan Information
Amount : ($)
Interest Rate : (%)
Length : (Years)
Additional Payment : ($)

Financial Analysis (Switch to Plain English)
  Interest-Only With Additional Payment
Average Monthly Payment : $729.17 $752.99
Months Paid : 360 360
Total Monthly Payments : $262,500.00 $271,076.25
Total Interests Paid : $262,500.00 $253,076.25
Interest Savings : $9,423.75
Balance : $250,000.00 $232,000.00
Equity Appreciation $0.00 $18,000.00
Plain English Help (Switch to Financial Analysis)

If you take out an interest only loan and then make additional payments, you might be able to save yourself some money over the long haul. If you take out a 30 year loan for $250,000.00 with a 3.500% interest rate, for example, the monthly payment would be about $729.17. This means you will pay $262,500.00 in interest at the end of the loan term.

If you pay an extra $50.00 per month, however, your average monthly payment will not be much more, only $752.99. At the end of the loan period, you will have paid $253,076.25 in interest. Since your extra payment will get your interest paid off sooner, you will save $9,423.75 in interest by paying an extra $50.00 each month. This will reduce the balance of your $250,000.00 loan to $232,000.00, which will result in $18,000.00 in loan appreciation.

DISCLAIMER: There is NO WARRANTY, expressed or implied, for the accuracy of this information or it's applicability to your financial situation. Please consult your own financial advisor.