An interest only loan is great in the short term of up to 5 years because it will reduce your overall monthly repayments. However, for the remainder of the loan, you end up paying more than if you took a normal principal and interest loan for the same period. Use the calculator to find out how much you could be paying under an interest only loan for both the interest only period and the principal and interest period.
Interest Only Mortgage Loan Calculator
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Work with a mortgage broker today
Want help with your home loan? Contact us today and we will connect you with an experienced mortgage broker best suited to your needs.Contact Us TodayThe Latest on the blog
