The rates on interest-only loans can change as often as every month, or may be fixed for a 10-year period.

home graffiti alphabet pics angel locsin look alike scandalCheck to see when and how often your interest-only rate can change.Recalculate your interest-only payment before your next scheduled rate adjustment.

Also, beware of balloon loans or negative amortization loans, where the amount you pay is not enough to pay the interest and the balance actually increases over time.

Enter your information to get calculations and advice!Mortgage rates giving you motion sickness?Let us watch for you.We'll tell you when they hit your target.Sign up now!It's simple.» Place this widget on your Web site!© 2012 Bankrate, Inc.All Rights Reserved.Use this interest-only mortgage calculator to generate an amortization schedule for an interest-only mortgage.Quickly see how much interest will be paid and the principal balances.Determine the affect of any principal prepayments.Press the "View Report" button for a full yearly or monthly amortization schedule.This calculator requires a Java-enabled browser.To download the plugin, click here.This Financial Calculator requires SUN's Java� Plug-in.If you see this message you will need to download SUN's Java� Plug-in.This can be done automatically by clicking the yellow bar at the top of your browser and choosing �Install ActiveX Control�.You can also get SUN's Java� Plug-in here: Get the Java� Plug-in!Original or expected balance for your mortgage.The total number of years over which you will make payments on this mortgage.This calculator assumes that after any interest only period has expired, the monthly payment will increase so that the remaining balance will be amortized over the remaining years of the loan.This will result in the mortgage balance being paid in full at the end of the loan term.The number of years this loan requires interest only payments.At the end of this period, the loan payment will increase so that the remaining balance will be amortized over the remaining years of the loan.Annual interest rate for this mortgage.This is the initial monthly payment.This payment includes only the interest on the loan balance.Total of all monthly payments over the full term of the mortgage.This total payment amount assumes that there are no prepayments of principal.Total of all interest paid over the full term of the mortgage.This total interest amount assumes that there are no prepayments of principal.

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The frequency of prepayment.The options are: none, monthly, yearly, and one-time payment.

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