What's the monthly payment on a 16,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 16,000 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 16,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$80 |
| 1.00% |
$160 |
| 1.50% |
$240 |
| 2.00% |
$320 |
| 2.50% |
$400 |
| 3.00% |
$480 |
| 3.50% |
$560 |
| 4.00% |
$640 |
| 4.50% |
$720 |
| 5.00% |
$800 |
| Rate |
Monthly Payment |
| 5.50% |
$880 |
| 6.00% |
$960 |
| 6.50% |
$1,040 |
| 7.00% |
$1,120 |
| 7.50% |
$1,200 |
| 8.00% |
$1,280 |
| 8.50% |
$1,360 |
| 9.00% |
$1,440 |
| 9.50% |
$1,520 |
| 10.00% |
$1,600 |
More Loan Amounts
| $17,000 |
| $18,000 |
| $19,000 |
| $20,000 |
| $21,000 |
| $22,000 |
| $23,000 |
| $24,000 |
| $25,000 |
| $26,000 |
| $27,000 |
| $28,000 |
| $29,000 |
| $30,000 |
| $31,000 |
| $32,000 |
| $33,000 |
| $34,000 |
| $35,000 |
| $36,000 |
| $37,000 |
| $38,000 |
| $39,000 |
| $40,000 |
| $41,000 |
| $42,000 |
| $43,000 |
| $44,000 |
| $45,000 |
| $46,000 |