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What's the monthly payment on a 24,000 interest only loan?

Take the annual interest rate, divide by 12, and then multiply by the loan amount.

24,000 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.

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View a table of monthly payments for a 24,000 interest only loan.

Rate |
Monthly Payment |

0.50% |
$120 |

1.00% |
$240 |

1.50% |
$360 |

2.00% |
$480 |

2.50% |
$600 |

3.00% |
$720 |

3.50% |
$840 |

4.00% |
$960 |

4.50% |
$1,080 |

5.00% |
$1,200 |

Rate |
Monthly Payment |

5.50% |
$1,320 |

6.00% |
$1,440 |

6.50% |
$1,560 |

7.00% |
$1,680 |

7.50% |
$1,800 |

8.00% |
$1,920 |

8.50% |
$2,040 |

9.00% |
$2,160 |

9.50% |
$2,280 |

10.00% |
$2,400 |

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More Loan Amounts

$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 |

$47,000 |

$48,000 |

$49,000 |

$50,000 |

$51,000 |

$52,000 |

$53,000 |

$54,000 |