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| Interest-Only | With Additional Payment | |
| Average Monthly Payment : | $1,041.67 | $1,054.27 |
| Months Paid : | 360 | 360 |
| Total Monthly Payments : | $375,000.00 | $379,537.50 |
| Total Interests Paid : | $375,000.00 | $361,537.50 |
| Interest Savings : | $13,462.50 | |
| Balance : | $250,000.00 | $232,000.00 |
| Equity Appreciation | $0.00 | $18,000.00 |
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If you take out an interest only loan and then make additional payments, you might be able to save yourself some money over the long haul. If you take out a 30 year loan for $250,000.00 with a 5.000% interest rate, for example, the monthly payment would be about $1,041.67. This means you will pay $375,000.00 in interest at the end of the loan term. If you pay an extra $50.00 per month, however, your average monthly payment will not be much more, only $1,054.27. At the end of the loan period, you will have paid $361,537.50 in interest. Since your extra payment will get your interest paid off sooner, you will save $13,462.50 in interest by paying an extra $50.00 each month. This will reduce the balance of your $250,000.00 loan to $232,000.00, which will result in $18,000.00 in loan appreciation. |
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