Description

This calculator allows you to calculate your repayments for an interest-only mortgage. You can select monthly, fortnightly, or weekly repayments. Interest-only repayments apply first, then principal + interest.

Assumptions

• Interest rate does not change over the loan term.
• Interest-only period is fully interest payments without principal reduction.
• After the interest-only period, repayments include principal and interest for remaining term.
• Repayments are rounded to nearest cent.