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What's the monthly payment on a 388,000 interest only loan?

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

388,000 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 388,000 interest only loan.

Rate |
Monthly Payment |

0.50% |
$1,940 |

1.00% |
$3,880 |

1.50% |
$5,820 |

2.00% |
$7,760 |

2.50% |
$9,700 |

3.00% |
$11,640 |

3.50% |
$13,580 |

4.00% |
$15,520 |

4.50% |
$17,460 |

5.00% |
$19,400 |

Rate |
Monthly Payment |

5.50% |
$21,340 |

6.00% |
$23,280 |

6.50% |
$25,220 |

7.00% |
$27,160 |

7.50% |
$29,100 |

8.00% |
$31,040 |

8.50% |
$32,980 |

9.00% |
$34,920 |

9.50% |
$36,860 |

10.00% |
$38,800 |

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More Loan Amounts

$389,000 |

$390,000 |

$391,000 |

$392,000 |

$393,000 |

$394,000 |

$395,000 |

$396,000 |

$397,000 |

$398,000 |

$399,000 |

$400,000 |

$401,000 |

$402,000 |

$403,000 |

$404,000 |

$405,000 |

$406,000 |

$407,000 |

$408,000 |

$409,000 |

$410,000 |

$411,000 |

$412,000 |

$413,000 |

$414,000 |

$415,000 |

$416,000 |

$417,000 |

$418,000 |