Having the tool to be able to figure out what additional payments would be on your interest only mortgage payment is a useful and benefitial thing.  Use this Interest Only with Additional Payments Calculator to figure out your total monthly payment including total months paid, interest savings, balance and equity appreciation. http://www.rebuz.com/calc/calculators/interest-only--with-repayments-calculator.php This is a good idea for being able to know where your money is going and also to decide how you might rearrange your financial future.

The definition of a mortgage that is “interest only” is that the monthly mortgage payment does not include any repayment of principal for some period of time.  The payment that you make consists of interest only.  During the period agreed upon the loan balance remains unchanged.  Interest only mortgage loans were popular way back in the 20's but aren't used as much today. Therefore interest only loans of today are pretty much taken out for only a specified amount of time. Another important point that you need to know about interest only mortgage payments is that the longer the interest only period, the larger the new payment will be when the interest only period ends.

Interest only mortgages are good for people who would like a lower payment initially and they usually have some confidence that they will be able to deal with a higher payment in the future. There are a few other reasons that someone might be interested in a mortgage that is interest only.  Some of the reasons follow:

1. Qualifying for a mortgage: It would be that it could be easier for someone to qualify for an interest only mortgage that would not normally qualify for a mortgage.
2. Anticipating Income Growth: Usually people will begin with a "starter house", then move into a more expensive house as their incomes increase. The whole trading up process can cost quite a bit, so the interest only loan can help you to skip ahead to the more expensive house now.
3. A need for flexibility: If you happen to have a fluctuating income you might benefit from an interest only mortgage payment. This enables you to make a higher payment when you have the money and then the lower interest only mortgage payment when you have a bit of a cash flow problem.

So with all of this to consider, it really does pay to be able to have a good interest only payment calculator.  Also being able to calculate what additional payments will do to your interest only loan is a big help as well.  If you are like most people you will welcome the ability to know exactly what is going on with all of your money.  This is a big important decision and you need to have all the knowledge that you can to be able to make the best choices for you and your family.