What's the monthly payment on a 28,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 28,000 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 28,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$140 |
| 1.00% |
$280 |
| 1.50% |
$420 |
| 2.00% |
$560 |
| 2.50% |
$700 |
| 3.00% |
$840 |
| 3.50% |
$980 |
| 4.00% |
$1,120 |
| 4.50% |
$1,260 |
| 5.00% |
$1,400 |
| Rate |
Monthly Payment |
| 5.50% |
$1,540 |
| 6.00% |
$1,680 |
| 6.50% |
$1,820 |
| 7.00% |
$1,960 |
| 7.50% |
$2,100 |
| 8.00% |
$2,240 |
| 8.50% |
$2,380 |
| 9.00% |
$2,520 |
| 9.50% |
$2,660 |
| 10.00% |
$2,800 |
More Loan Amounts
| $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 |
| $55,000 |
| $56,000 |
| $57,000 |
| $58,000 |