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Mortgage Amortization Calculator Article

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Calculate Interest Only Loans with Interest Only Mortgage Calculator

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When buying a home, you might opt for the interest only mortgage calculator; this will help you to determine your payment schedule, called amortization. The interest only mortgage calculator separates the principal from the interest, and shows how the interest is affected as the principal of the loan is decreased.

Buyers can determine how they want their loan. If they want to pay only the interest for the first year or two, or even up to ten years, he/she can determine the monthly payments by keying in the information into the interest only mortgage calculator. If you choose an interest only loan, your payments are lower because you are only paying the interest portion of the loan. This may be good for those that may not want a huge mortgage, but the drawback is that you don’t own any equity in the home while you are only paying only the interest. At the end of the term the principal is due in one lump sum. You can refinance this portion however you want to. Prior going to a lending institution draw up your financial plan by using the interest only mortgage calculator. It is good to walk into your bank, credit union or other lending institution with a firm idea of how you will make and pay back this loan.

With an interest only loan you are only paying the interest on the principal. Your contract with your lending institution may be for 1 year to 5 or sometimes even up to 10 or 20 years; you can determine how you want the amortization to proceed by using the interest only mortgage calculator. All this time you are only playing interest. When the term of the loan is up, you have a balloon payment that you can either pay off in one lump sum or you can choose to refinance the principal for another term. The payments for your home are quite low in comparison to other kinds of loans where the principal part of the loan is decreasing with the amortization.

If you are buying a home primarily as an investment, you might want to consider an interest only loan, so you can quickly sell the property and get out from under the note. If you sign for a 1 year note, you will pay interest only for that 1 year. Should you sell that property, you are only into the bank for the length of that term. The new buyer is then responsible for financing however he/she chooses.

The interest only mortgage calculator can help the first time buyer take the plunge from a renter to a homeowner. The payments are quite affordable for the first time buyer, and the buyer can have some say in how the loan is paid back. He/she can pay the interest only part of the mortgage, and also pay into the principal. The owner might also set money aside in savings or some type of investment to earn interest for the length of the term and pay the principal off at the end of the contract. If the buyer wishes he/she can refinance for another term and pay into the principal. The buyer has another option after the end of the term in which he/she can refinance with a different kind of loan where the interest and the principal are paid back in the term of the loan program.






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