Fixed Rate vs. Interest Only Mortgage

Compare a fixed-rate mortgage with an interest-only mortgage to see the difference in payments and total interest.

Loan Details

Loan Amount

$

Interest Rate

%

Total Loan Term30 years

15 years30 years

Interest-Only Period10 years

1 years15 years

Fixed-Rate Mortgage

Monthly Payment$1,896.20

Total Interest$382,633.47

Interest-Only Mortgage

Interest-Only Payment$1,625.00

Amortized Payment$2,236.72

Total Interest$431,812.66

Comparison

Extra Interest (Interest-Only)$49,179.19