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Mortgage Rates in Canada

Interest Only Calculator

Input Information
Loan Information
Amount : ($)
Interest-Only Rate : (%)
Conventional Loan Rate : (%)
Length : (Yrs)

Now that you have more information about your mortgage, take the next step and speak to a Mortgage Consultant today!

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Financial Analysis (Switch to Plain English)
Interest-Only Loan Payment : $989.58
Total Interest-Only : $356,250.00
Monthly Principal & Interests : $1,334.23
Total Principal & Interest : $480,321.61
Results: In Plain English (Switch to Financial Analysis)

When applying for a mortgage loan for your home, you can choose between a standard loan and an interest only loan. With an interest only loan, you will pay only on the interest when you make your monthly payments and you will eventually be called upon to pay the principal. It is a wise financial decision to compare the two types of loans before deciding which one is best for you.

If you wanted to borrow $250,000.00 for the purchase of your home, you might be offered a standard loan with a 5.000% interest rate or an interest only loan with a 4.750% interest rate, with both being 30 year loans. With an interest only loan, your monthly payment would be $989.58, while a standard loan would be $1,334.23. Under this plan, the total interest only cost would be $356,250.00, while the total standard loan cost would be $480,321.61.
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.