Interest only Calculator

This interest-only calculator can help you estimate the monthly payments and total interest cost for an interest-only loan. Here’s an example of how you can calculate it:

To determine the loan payments, just add the:

• Loan amount: The total amount you plan to borrow.
• Interest rate: The annual interest rate for the loan.
• Loan term: The duration of the interest-only period in years.
• Repayment Period: Paying weekly, fortnight a monthly.

By entering these amounts, the calculator will work out the payment for the selected period chosen.

Keep in mind that an interest-only loan means you’ll only be paying the interest during the specified period. Interest-only loans do not pay off the loan amount. Though the loan amount in real terms decreases over time.

Please note that this is a basic example, and different lenders may have variations in how they calculate interest-only loans. It’s always recommended to consult with a financial advisor or use a specialized tool provided by a financial institution to get more accurate calculations based on your specific loan terms.