Here is a Web site with an interest only mortgage calculator. It also compares what a fully amortized loan payment would be, and the monthly cash flow savings.
http://www.goodmortgage.com/Calc_Interest_only_payments.htm
Interest only mortgages are appropriate for certain people. For ideal interest-only candidates, please see my earlier blog below.
Pleased remember that interest-only loans allow interest only payments for the first three, five, seven, or ten years of the loan. Payments are then adjusted, usually quite higher, to amortize the loan over the remaining years of the loan.
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