Interest Only Payment Option Calculator

Interest Only Payment Calculator

Loan Amount:
Interest Rate¹:		%

Payment Options
30-Year Principal and Interest Payment:	$599.55
Interest Only Payment²:	$500.00
Monthly Savings³:	$99.55

Assumptions:

¹ The interest-only payment and the monthly savings will change as the interest rate changes. Rates are for calculation purposes only, please call your loan officer for rate quotes.

² The interest-only payment option is only available during the initial interest only payment period. This is only in the first ten to fifteen years. Some programs have shorter initial interest only periods. For example: on a 5/1 ARM, the interest-only period may be only the first five years.

³ Monthly savings is based on the thirty-year, amortized principal and interest payment.

Shayne Henderson, Sr. Loan Officer - The Mortgage Shop, GreatHouse Mortgage, Inc. 2004 Red Bank Road, Suites 5, 6, & 7 - Sevierville, TN 37876
Office Phone: (865) 868-1444 Fax: (865) 868-1069 Cell Phone: (865) 384-5952
Home Phone: (865) 436-7892 Toll-Free: (888) 554-7328 Email: shaynehvr@aol.com

We lend in the following states: Florida, Georgia, Tennessee. All loans are subject to standard underwriter guidelines.