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Interest Only Mortgage Qualification Calculator

Interest Only Home Loan Qualification Calculator

Determine the interest only mortgage amount you qualify for based on your net income and monthly debt. A borrower can typically qualify for a larger mortgage amount with an interest only mortgage but the monthly payment can increase significantly and the borrower typically pays more in interest expense over the life of the mortgage

Watch our Interest Only Mortgage Qualification Calculator "How To" video

Inputs

Indicates how frequently you are paid
Please Select How Often Are You Paid
Your income per pay period after subtracting taxes and other deductions. Also known as take-home pay
Please Enter Net Income Per Pay Period
Total of monthly payments for all non-housing related debt such as credit card, auto and student loans
Please Enter Total Monthly Debt Payments
Interest rate during the interest only period of the mortage, typically the first 3, 5, 7 or 10 years of the mortgage
Please Select Interest Rate
The type of mortgage your looking to obtain
Please Select Mortgage Type
Submit Valid Info to Compare Lenders and Save Money!When you provide valid personal info we may connect you with lenders which enables you to compare mortgage proposals and find the mortgage that is right for you. Click calculator for a version of this calculator that does not require personal info
 
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
 
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
Your credit score to the best of your knowledge
Please Select Credit Score
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Outputs

The monthly mortgage payment during the initial, interest only period of the mortgage. Mortgage payments during this periodn do NOT include principal
The output provided represents an estimate only. Property tax and insurance rates vary by state, county and property
The mortgage balance at the end of the interest only period is the same as the mortgage balance at the beginning of the loan because you have only paid interest and no principal

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Current Mortgage Rates in Columbus, Ohio as of February 22, 2025
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.
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