Welcome to Peoples Depot Credit Care, where you can calculate the interest amount for your mortgage loan and determine your monthly payment even without applying for a loan.
People often get confused by the names of different types of loans. The interest-only mortgage loan also differs from others somehow. It is a loan that has to be paid back into 2 phases. In the initial phase, the monthly payment will only be on the borrowed amount interest. This monthly payment will be at a fixed interest rate for a limited period which typically ranges from 7-10 years while complete loan lasts for 30 years. Once the initial interest only phase is complete, the loan will now start amortizing. In this phase, the monthly payment will be against your principal amount. You have to pay interest for the remainder term years of the loan at an adjustable interest rate in this phase.
Using our interest only mortgage loan calculator will help you determine the monthly payment which you have to pay. Our calculator considers all factors mentioned above to calculate the monthly payment for the initial interest-only period. Our simple to use interface asks for very simple details and does the rest of the work for you. You will get to know the monthly interest amount within a few minutes at some clicks with our interest only mortgage calculator. So, if you are planning to apply for interest only mortgage loans and are concerned about the monthly installments, you are at the right place. Fill in the details and calculate the amount now.
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