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Mortgage Rates in Canada

Interest Only Calculator With Additional Payments

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

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Financial Analysis (Switch to Plain English)
  Interest-Only With Additional Payment
Average Monthly Payment : $1,041.67 $1,043.97
Months Paid : 360 360
Total Monthly Payments : $375,000.00 $375,828.02
Total Interests Paid : $375,000.00 $357,828.02
Interest Savings : $17,171.98
Balance : $250,000.00 $232,000.00
Equity Appreciation $0.00 $18,000.00
Results: In Plain English (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 5.000% interest rate, for example, the monthly payment would be about $1,041.67. This means you will pay $375,000.00 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 $1,043.97. At the end of the loan period, you will have paid $357,828.02 in interest. Since your extra payment will get your interest paid off sooner, you will save $17,171.98 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 or guarantee, expressed or implied, for the accuracy of the information obtained by using these calculators or its applicability to your specific financial situation. While we make every effort humanly possible to maintain the highest degree of accuracy, every situation is different. Please consult an experienced Mortgages Canada representative for more information.