40 Year Interest Only Mortgage Calculator
Calculate payments for 40-year interest-only mortgages and see how interest-only payments work.
Use our mortgage calculator to estimate interest-only payments
Go to Main Calculator- Lower Initial Payments: Pay only interest
- No Principal Reduction: Balance stays same
- Payment Shock: Payments increase later
- Higher Total Cost: More interest paid
Interest Only (10 years)
Payment: $2,500/month
Balance: $500,000 (unchanged)
Full Payment (30 years)
Payment: $2,998/month
Total Interest: $579,191
Payment Shock Risk
When the interest-only period ends, your payment will increase significantly. Make sure you can afford the higher payment before choosing this option.
No Equity Building
During the interest-only period, you're not building equity in your home. You're only paying interest, so your loan balance remains the same.
Higher Total Cost
Interest-only mortgages typically cost more over the life of the loan because you're not reducing the principal during the interest-only period.
Calculate Your Interest Only Payment
Use our mortgage calculator to see how interest-only payments work.
Start Calculating