Getting a mortgage can be stressful due to all of the uncertainties that come along with the process. When you come to Lending Hand Mortgage Corp. we provide calculators to help you get a better picture of what you’ll be facing financially. We offer a wide array of Mortgage Calculator options to show you what your payment may be, how much interest you could save, and how much it would cost to rent or buy.
From mortgage refinancing to new home purchase our loan originators are ready to help you with your financing needs. Contact a Lending Hand Mortgage originator us today to discuss your personal mortgage situation. See why we are a reliable and experienced mortgage company with offices in Palm Harbor/Tampa (Tampa Bay), Bradenton, Cape Coral, Jacksonville and Destin.
- Mortgage Payment Calculator
Displays your mortgage payment and amortization schedule for the term of your loan.
- Monthly Mortgage Payment CalculatorLending Hand Mortgages
Calculates how much interest you save by prepaying the principal on your loan.
- Interest Only Payment Calculator
Computes the monthly savings for an Interest Only payment loan.
What is an Interest only Loan?
Interest Only Loan
Interest only loan programs provide the same features as fixed and variable rate programs, and they additionally offer a lower payment option. With an interest only loan payment option, you pay only the interest portion of the payment but no principal.
Loan Program Advantages Disadvantages Interest Only Programs
- Several payment options
- Lower monthly payments
- Qualify for a higher loan amount
- Qualify at the interest only payment
- Option to pay the full principal and interest payment
- Interest only payments for up to ten years
- Higher rates
- Principal loan balance will not decrease during the interest only payment period
- Payment will be higher for the remaining term
An interest only loan can be more expensive compared to a fully amortized loan. Many lenders add a fee of one-quarter point for the interest only option.
Interest only payment options allow you to qualify at the starting interest only payment. This gives you more buying power and a lower monthly payment compared to an amortized loan.
You pay interest based on your principal balance. On an interest only loan, your principal balance does not decrease, therefore, you pay more interest with this option.