What's the monthly payment on a 7,000 interest only loan?
Take the annual interest rate, divide by 12, and then multiply by the loan amount.
| 7,000 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 7,000 interest only loan.
| Rate |
Monthly Payment |
| 0.50% |
$35 |
| 1.00% |
$70 |
| 1.50% |
$105 |
| 2.00% |
$140 |
| 2.50% |
$175 |
| 3.00% |
$210 |
| 3.50% |
$245 |
| 4.00% |
$280 |
| 4.50% |
$315 |
| 5.00% |
$350 |
| Rate |
Monthly Payment |
| 5.50% |
$385 |
| 6.00% |
$420 |
| 6.50% |
$455 |
| 7.00% |
$490 |
| 7.50% |
$525 |
| 8.00% |
$560 |
| 8.50% |
$595 |
| 9.00% |
$630 |
| 9.50% |
$665 |
| 10.00% |
$700 |
More Loan Amounts
| $8,000 |
| $9,000 |
| $10,000 |
| $11,000 |
| $12,000 |
| $13,000 |
| $14,000 |
| $15,000 |
| $16,000 |
| $17,000 |
| $18,000 |
| $19,000 |
| $20,000 |
| $21,000 |
| $22,000 |
| $23,000 |
| $24,000 |
| $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 |