Similar to the Interest-Only Calculator, this calculator can be used to determine the monthly payments of an interest-only mortgage loan. In addition, it will compute the effects that an additional monthly payment amount will have on interest savings and home equity over the life of the loan.

To use the calculator, enter the following information:

Mortgage information: Amount (of mortgage), Interest Rate, Length (in years) and Additional Payment.

Some information that the calculator will compute:

Average Monthly Payment
Months Paid
Interest Savings
Equity Appreciation

The calculator can also produce a PDF output file for download, and you can click the check box to view the Schedule Table for the time frame selected. The Schedule Table fields include: Number (of payment month), Interest, Principal, and Balance. It also shows totals for every field after each year of the mortgage.