What's the monthly payment on a 120,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 120,000 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 120,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$600 |
| 1.00% |
$1,200 |
| 1.50% |
$1,800 |
| 2.00% |
$2,400 |
| 2.50% |
$3,000 |
| 3.00% |
$3,600 |
| 3.50% |
$4,200 |
| 4.00% |
$4,800 |
| 4.50% |
$5,400 |
| 5.00% |
$6,000 |
| Rate |
Monthly Payment |
| 5.50% |
$6,600 |
| 6.00% |
$7,200 |
| 6.50% |
$7,800 |
| 7.00% |
$8,400 |
| 7.50% |
$9,000 |
| 8.00% |
$9,600 |
| 8.50% |
$10,200 |
| 9.00% |
$10,800 |
| 9.50% |
$11,400 |
| 10.00% |
$12,000 |
More Loan Amounts
| $121,000 |
| $122,000 |
| $123,000 |
| $124,000 |
| $125,000 |
| $126,000 |
| $127,000 |
| $128,000 |
| $129,000 |
| $130,000 |
| $131,000 |
| $132,000 |
| $133,000 |
| $134,000 |
| $135,000 |
| $136,000 |
| $137,000 |
| $138,000 |
| $139,000 |
| $140,000 |
| $141,000 |
| $142,000 |
| $143,000 |
| $144,000 |
| $145,000 |
| $146,000 |
| $147,000 |
| $148,000 |
| $149,000 |
| $150,000 |