Interest Only Payment Option Calculator

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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.

Cities Mortgage Corporation - 4555 Mansell Road Suite 300 - Alpharetta, GA 30022
Office Phone: (770) 971-7880 Fax: (770) 971-6990 Toll Free Phone: 800-971-7660

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Georgia Residential Mortgage Licensee #14761

NAMB - National Association of Mortgage Brokers