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.

Shared Inputs

Loan Amount

$

Interest Rate

%

Total Loan Term30 years

15 years30 years

Interest-Only Period10 years

1 years15 years

Fixed-Rate

Monthly Payment$1,896

Total Interest$382,633

Interest-Only

Interest-Only Payment$1,625

Amortized Payment$2,237

Total Interest$431,813

Comparison

Extra Interest (Interest-Only)$49,179