New Zealand Interest Only Mortgage Calculator
This interest only mortgage calculator will help you find out what payment you will pay per month based on the interest only payback portion for your principal. This result will be lower than a normal mortgage payment as it calculates your obligation for the interest only portion of the mortgage. The advantages of an interest only mortgage include the payments being lower than a principal plus interest mortgage. An interest only mortgage loan may suit people who have a varying income and thus can only afford a consistently lower figure or to free up money for other investments. It may also suit people who are looking to create their own customised amortization schedule. Some of the disadvantages of an interest only mortgage calculator are the fact that you aren't building equity for yourself as you don't pay off any of the principal and therefore no equity is ever gained. A major risk of this in other countries is the risk of negative equity which may force the purchaser to pay out of pocket to sell the property. In New Zealand negative equity is very rare in the major centers and with solid real estate growth the interest only mortgage is a more viable option than in other countries. To use this mortgage calculator simply add in your principal amount (loan amount) and adjust the interest rate then press update. For a full mortgage calculator we recommend NZ Mortgage Calculator or Mortgage Repayment Calculator.                         
Mortgage Details:
Principal:
Interest Rate:
Your Payment Will Be: