Interest-Only Mortgage Calculator
Interest-Only Mortgage Calculator
Compare interest-only repayments with principal and interest loans
Loan Details
Repayment Comparison
Total Cost Comparison
How interest-only loans work:
During the interest-only period, you only pay the interest charges. Your loan balance stays the same. After this period ends, your repayments increase significantly because you must pay both principal and interest over the remaining term.
Important: Interest-only loans typically cost more overall than principal and interest loans because you pay interest on the full loan amount for longer.
This calculator is for illustrative purposes only and does not constitute financial advice. Results are estimates based on the information provided. Please consult with a Ferns Finance broker for personalised advice.
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When meeting with a finance broker, consider asking the following questions:
- What lenders do you work with? Understanding their network can help you gauge your options.
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- How will you communicate with me? Establishing communication preferences can enhance your experience.
Asking the right questions can lead to a more productive relationship with your broker.