In this rapidly developing world, where the value of money and inflation are always fluctuating the roles of interest, mortgage, and loans have increased exponentially.
These things are so important in the modern financial world and yet a lot of people don’t have a clear concept of them.
It is been a long discussion that knowledge of interest and taxes should be given to kids from an early age in school, we keep teaching them stuff that they might never use in their lifetime rather than teaching them the practical stuff.
If you are something to whom the concept of interest only payment is confusing, this article has you covered.
Interest only payment calculator is computational tool that calculates the amount of money interest to be paid for interest only loans.
This article will discuss some of the best Interest only payment calculators that you can find online. All these calculators are really practical and easy to use, although they do have some specific features that are better than the others.
Stick with the small reviews given for all these calculators so you can find the best only payment calculator yourself.
If you use them right, these calculators will prove to be an adequate financial tool for you!
Best Interest Only Payment Calculator
1. Calculate Stuff: Interest Only Calculator
Calculate Stuff is a calculator website that has numerous types of calculators related to business, health, finance, and math, you can also find some widgets related to these niches.
The options of calculators on this website aren’t a lot when compared to other websites. You will find the interest only calculator in the financial and loads sections of the website.
The design of the website is really simple and monochromatic, which does make the website less distracting and practical but also kind of boring.
A few extra colors would have given the website a serious facelift. There are a few ads on the website but ads never go well with a website of this type.
The interface of the calculator is pretty simple and straightforward. Enter the amount of loan that you have, the interest rate, the number of years in term, and the total interest only period (in years).
Select the start date of your loan and click calculate, the results will be shown below.
On the top of the results section, you will get the interest only payment in a bug blue font, extra details like Pay-off Date, Principal and Interest Payment, and Total Interest will also be mentioned below.
There will also be a graph representing the interest cycle and payments.
If you scroll down even further, you can find instructions on how interest only payment is calculated using its formula.
2. Mortgage Calculator: Interest-Only Loan Payment Calculator
Mortage Calculator is a finance website that allows you to use numerous financial tools and calculators.
You find almost any financial tool here, including Refinance tools, Amortization calculators, utility widgets, etc.
This is one of those websites that are totally dedicated to financial tools and calculators, and their interest only calculator is a pretty trustworthy tool.
The design of the website is pretty good, the color scheme is really soft and welcoming. A blue gradient color background is used which goes pretty well with the rest of the elements of the website.
You can also see current mortgage rates on the left side which can come in handy, and even if they don’t they still give the website a professional look
The interface and layout of the calculator are arguably the simplest ones on this list ; Unlike the calculator discussed above, Mortgage Calculator only requires two inputs from you, the loan amount, labeled as ‘Principal’, and the interest rate.
Click ‘Calculate’ once you have entered both these values and the results will be shown below.
The calculator won’t only give you monthly interest, Daily Bimonthly interest, Weekly interest, Biweekly interest, Semimonthly interest, Bimonthly interest, Quarterly interest, Semiannual interest, and Annual interest are also given.
The Mortgage Calculator will be a safe choice for an interest only payment calculator.
3.Bank Rate: Interest Only Mortgage Calculator
Just like the Mortgage Calculator discussed above, Bank Rate is also a Finance and investment website.
You find tools and information regarding different finance-related stuff like banking, credit cards, loans, investments, etc.
This website is not just dedicated to tools, their blogs, and articles are something that you should give attention.
Their website is quite plain, mostly using black and white colors. But they have presented it in such a way that it feels complete and professional.
There are no ads on the website at all which further help the website to be more engaging and practical. It is safe to say that design wise this is the best website on this list.
Bank Rate’s interest only payment calculator also has a design that resonates with the website, as the calculator discussed above, Bank Rate also requires only 2 inputs from you, The loan amount and interest rate.
Click ‘Calculate’ once you have entered these details and the result will be displayed on the right side of the calculator.
This calculator displays the results in the simplest way possible, you’ll have the monthly payment displayed to you in a simple format without any extra information.
This calculator can prove to be a good choice for you if you prefer a simple experience without any extra details and work.
4. Financial Mentor: Interest Only Loan Calculator
Financial Mentor is a quite trust worthy website when it comes to finances. You can find all sorts of material related to wealth building, retirement planning, and investment advice.
This website also supports a lot of finance and investment tools, you can find their best interest only payment calculator in the ‘Calculators’ section.
Financial Mentor has given a decent amount of focus on the design of the website, it’s good how different shade of grey have been used as defining elements between sections.
You won’t face any glitches or pop ups while you are on the website and the absence of ads is always a good thing for the design and UI.
The layout and design of the calculator is also pretty well, it’s hard to make the UI of an interest only payment calculator complicated even if they wanted to.
Enter the amount of loan that you owe and the APR (annual interest rate). Click ‘Calculate Interest Only Payment’ and the Monthly interest payment will be shown below.
This calculator doesn’t give you any extra information regarding the payment, if you also want to get payments on intervals other than a month, it’s recommended that you use some other Interest only payment calculator.
5. STCU: Interest Only Monthly Payment Calculator
STCU is a nonprofit government owned bank from the state of Washington, you can find almost any topic related to finance and banking on their website.
It is a huge website, homing tons of content and tools. Being backedup by the US government, It goes without saying that their interset only payment calculator is trustworthy and credible tool.
The design of its website is similar to Bank Rate, the only noticeable difference that you’ll see is that STCU has colorful logo and the sections are defined more clearly.
The website as a whole gives a really uniform look and as a plus, there are no ads on this calculator.
Just like all the other calculators on this list, STCU’s Interest only payment calculator has a really simple interface, and just like the other calculators you only need to enter the Principal amount and the Annual Interest Rate.
Click ‘Compute’ once you have entered all the values.
You will only get the value for the monthly payment with this calculator, and most of the time that is all people really need.
This is the most credible calculator on this list but that does not mean that the calculators mentioned above are less trustworthy.
Interest only payment calculators are a really handy tool, you should always try to find calculators for such calculations as these are pretty serious matters. You can always calculate the payments manually
but there is no room for error.
All of these Interest only payment calculators qualify as efficient tools, try out all of them so you can find the best calculator according to your preferences and plan your finances and payments accordingly.
It is always a good idea to refer to financial experts regarding these matters.