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(800) BANK-EAGLE
Everett, MA
 
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Interest Only vs Loan Amortization
This calculator that will help you to see the difference between a normal, amortized mortgage and an interest-only mortgage.

Current mortgage's beginning loan amount:
Current interest rate (%):
Original loan term (months):
Total monthly payment (including tax & insurance):
Number of payments already made:
Date next payment due:
Extra amount you could comfortably add to the payment each month:
Current mortgage payment less escrow:
Interest you've already paid:
Current approximate balance of your mortgage:
Results Current Current Plus Extra Bi-Weekly Bi-Weekly plus Extra
Mortgage payment:
Years to pay off:
Interest savings:
Monthly payments eliminated:
Total payment savings:
Equity after 5 years:
Equity after 10 years:
Balance due after years:
Results (continued) Current Current plus Extra Bi-Weekly Bi-Weekly plus Extra
Average monthly savings:
Average annual savings:
Equivalent interest rate:
Cash available after years:*
Payment Schedules:**
*Based upon a 10% yield of the money saved over the life of the loan.
**Payment schedules may take a while to appear -- depending on the speed of your computer and the number of payments remaining.
The figures entered into this calculator are for hypothetical purposes only. The results provided by this calculator are intended for illustrative purposes only and accuracy is not guaranteed. This calculator is not intended to offer any tax, legal, financial or investment advice and does not assure the availability of or your eligibility for any specific product offered by Eagle Bank.
     
 
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