There are a number of benefits to using an interest only calculator. If you’re trying to figure out if an interest only home loan is right for you, this calculator could give you a head start on potential repayment options.
If you’re a first home buyer looking to build, a property investor or someone in need to reducing their initial repayments, the interest only calculator will help you understand what your mortgage interest payments will be for the duration of the interest only period.
The calculator is used to help you determine what your monthly repayments would be if you had an interest only home loan structure. You’ll quickly see by how much your repayments will be reduced by if you pay only the interest amount, because you are not paying off the principal amount.