See what your payments may be at all stages of an interest-only mortgage
Use this calculator to estimate your monthly or annual payments for an interest-only mortgage. Newfi offers a 40 year mortgage with a 10 year interest-only period and 30 year fixed-rate term after that.
Note: Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide borrowing advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from a mortgage specialist.
About Newfi’s IO Mortgage Calculator
Newfi is making it easier for people to see what mortgage payments they might be responsible for if they have a 40-year Interest-Only loan.
A highly respected Independent Mortgage Banker, Newfi uses this proprietary mortgage loan product to help borrowers that are looking to pay only the interest for an initial term of their home loans.
This Interest-Only Mortgage Calculator is made specifically for people borrowing for a home purchase or a home refinance using the innovative 40-year Interest-Only mortgage loan.
This benefits new homeowners who might be getting used to a mortgage payment, or using savings for furnishing the home, or taking care of other costs of the first years of home ownership.
Some borrowers look to the 40-Year IO to compare their current mortgage payment to one where they would just be responsible for the interest.
A “Cash-Out” IO mortgage loan would offer Interest-Only payments. It makes borrowing money even cheaper (think of it like a bank account) and allows you to make the value in your home work for you.
We know that mortgage rates are on the rise after being dropped to historic lows as a means of stimulating the economy during the recent housing crisis due to the pandemic. As rates rise, Newfi offers this product with a 40-year term, and only reliable interest-only payments over a starting period.
Simply enter the start date, loan amount and an interest rate into the calculator, along with the 40-year term and 10-year IO period, and see what estimated payments come up. The numbers are also plotted on an easy-to-reference chart.
Frequently Asked Questions
Why trust Newfi Lending?
Newfi is a direct lender, not a broker, so we can make lending decisions fast and at low interest rates. We’ve earned a five-star customer satisfaction rating from LendingTree for our low rates, fast processing, and excellent customer service. Give us a call at (888) 316-3934 and see just how friendly we are!