What's the monthly payment on a 1,000,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 1,000,000 x Interest Rate (as a decimal) ÷ 12 |
An interest only loan just pays the interest so no principal is paid off. The loan typically has a specified term. When that term ends the loan must be repaid or refinanced.
View a table of monthly payments for a 1,000,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$5,000 |
| 1.00% |
$10,000 |
| 1.50% |
$15,000 |
| 2.00% |
$20,000 |
| 2.50% |
$25,000 |
| 3.00% |
$30,000 |
| 3.50% |
$35,000 |
| 4.00% |
$40,000 |
| 4.50% |
$45,000 |
| 5.00% |
$50,000 |
| Rate |
Monthly Payment |
| 5.50% |
$55,000 |
| 6.00% |
$60,000 |
| 6.50% |
$65,000 |
| 7.00% |
$70,000 |
| 7.50% |
$75,000 |
| 8.00% |
$80,000 |
| 8.50% |
$85,000 |
| 9.00% |
$90,000 |
| 9.50% |
$95,000 |
| 10.00% |
$100,000 |