What's the monthly payment on a 588,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 588,000 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 588,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$2,940 |
| 1.00% |
$5,880 |
| 1.50% |
$8,820 |
| 2.00% |
$11,760 |
| 2.50% |
$14,700 |
| 3.00% |
$17,640 |
| 3.50% |
$20,580 |
| 4.00% |
$23,520 |
| 4.50% |
$26,460 |
| 5.00% |
$29,400 |
| Rate |
Monthly Payment |
| 5.50% |
$32,340 |
| 6.00% |
$35,280 |
| 6.50% |
$38,220 |
| 7.00% |
$41,160 |
| 7.50% |
$44,100 |
| 8.00% |
$47,040 |
| 8.50% |
$49,980 |
| 9.00% |
$52,920 |
| 9.50% |
$55,860 |
| 10.00% |
$58,800 |
More Loan Amounts
| $589,000 |
| $590,000 |
| $591,000 |
| $592,000 |
| $593,000 |
| $594,000 |
| $595,000 |
| $596,000 |
| $597,000 |
| $598,000 |
| $599,000 |
| $600,000 |
| $601,000 |
| $602,000 |
| $603,000 |
| $604,000 |
| $605,000 |
| $606,000 |
| $607,000 |
| $608,000 |
| $609,000 |
| $610,000 |
| $611,000 |
| $612,000 |
| $613,000 |
| $614,000 |
| $615,000 |
| $616,000 |
| $617,000 |
| $618,000 |