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Interest Only Payment Calculator


Loan Amount:
Interest Rate1: %
 



Payment Options
30-Year Principal and Interest Payment:   $599.55  
Interest-Only Payment2:   $500.00  
Monthly Savings3:   $99.55  

Assumptions:

1 The interest-only payment and the monthly savings will change as the interest rate changes. Rates are for calculation purposes only, please call your loan officer for rate quotes.

2 The interest-only payment option is only available during the initial interest only payment period. This is only in the first ten to fifteen years. Some programs have shorter initial interest only periods. For example: on a 5/1 ARM, the interest-only period may be only the first five years.

3 Monthly savings is based on the thirty-year, amortized principal and interest payment.

 

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Merrimack Mortgage Co. Inc.

660 Forest Avenue

Portland, ME 04103 U.S.A.

Call us at: 1-800-600-3007

 

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Home  Apply Now  Pre-Qualify  Loan Programs  100% Financing  Calculators  Loan Process  First Time Home Buyers  Home Purchase Loans  Refinance Loan  Debt Consolidation Loan  Library  FAQ  Glossary  Forms 
 

Merrimack Mortgage Co. Inc.

660 Forest Avenue

Portland, ME 04103 U.S.A.

Phone 1-800-600-3007

 

We are licensed in the following states:

Connecticut: First Mortgage Correspondent Lender / Broker License #19743, Second Mortgage Correspondent License #19744

Maine: Mortgage Lender License #SLB3932

Massachusetts: Mortgage Lender / Broker License #MC1768, Licensed Loan Servicer #LS0008

New Hampshire: Licensed by the NH Banking Department: First Mortgage Banker / Broker License #5433 MBB, Second Mortgage Home Loan Lender License #5433 MB

Vermont: Mortgage Lender License #5946, Mortgage Broker License #0847MB

 

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