What's the monthly payment on a 60,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 60,000 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 60,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$300 |
| 1.00% |
$600 |
| 1.50% |
$900 |
| 2.00% |
$1,200 |
| 2.50% |
$1,500 |
| 3.00% |
$1,800 |
| 3.50% |
$2,100 |
| 4.00% |
$2,400 |
| 4.50% |
$2,700 |
| 5.00% |
$3,000 |
| Rate |
Monthly Payment |
| 5.50% |
$3,300 |
| 6.00% |
$3,600 |
| 6.50% |
$3,900 |
| 7.00% |
$4,200 |
| 7.50% |
$4,500 |
| 8.00% |
$4,800 |
| 8.50% |
$5,100 |
| 9.00% |
$5,400 |
| 9.50% |
$5,700 |
| 10.00% |
$6,000 |
More Loan Amounts
| $61,000 |
| $62,000 |
| $63,000 |
| $64,000 |
| $65,000 |
| $66,000 |
| $67,000 |
| $68,000 |
| $69,000 |
| $70,000 |
| $71,000 |
| $72,000 |
| $73,000 |
| $74,000 |
| $75,000 |
| $76,000 |
| $77,000 |
| $78,000 |
| $79,000 |
| $80,000 |
| $81,000 |
| $82,000 |
| $83,000 |
| $84,000 |
| $85,000 |
| $86,000 |
| $87,000 |
| $88,000 |
| $89,000 |
| $90,000 |