Interest-only mortgages tend to have a slightly higher mortgage rates than conventional loans to ease the lender’s risk. These loans, which are considered non-qualified mortgages, are less common.
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The mortgage calculator with taxes and insurance estimates your monthly home mortgage payment and shows amortization table. The loan calculator estimates your car, auto, moto or student loan payments, shows amortization schedule and charts.
Because lenders rarely do anything for free, the cost for an interest-only mortgage might be a bit higher than a conventional loan. For example, if a 30-year fixed-rate mortgage is available at the going rate of 6% interest, an interest-only mortgage might cost an extra 1/2 percent or be set at 6.5%.