Interest Only-Calculator with optional fixed Pre-Payment

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Leave the principal payment at zero for the lowest possible payment, but you may also enter a fixed principal payment per month. For example, with a $10,000 loan and a $500 monthly principal payment the loan will be paid off in 20 months, but your payment will decrease as the interest accrued does.

Loan Amount

Annual Interest Rate

Principal Payment Each Period

Periods per Year (12 for monthly, 26 for bi-weekly, 52 for weekly, etc.)

Total Number of Payments OR Total Number of Years

Your interest rate per period is 0.5833 % for 12 total periods ( 1.0000 years)

PeriodYearsBalanceInterest PrincipalTotal Payment
1 0.083 1000.00 5.83 0.00 5.83
2 0.167 1000.00 5.83 0.00 5.83
3 0.250 1000.00 5.83 0.00 5.83
4 0.333 1000.00 5.83 0.00 5.83
5 0.417 1000.00 5.83 0.00 5.83
6 0.500 1000.00 5.83 0.00 5.83
7 0.583 1000.00 5.83 0.00 5.83
8 0.667 1000.00 5.83 0.00 5.83
9 0.750 1000.00 5.83 0.00 5.83
10 0.833 1000.00 5.83 0.00 5.83
11 0.917 1000.00 5.83 0.00 5.83
12 1.000 1000.00 5.83 0.00 5.83
13 1.083 1000.00 5.83 0.00 5.83

Total Principal Payments: $ 0.00
Total Interest $ 75.79

DISCLAIMER: This information is for illustrative purposes only. Numbers may be off by $0.01 per month due to differing methods of rounding so the results are not exact. Also note that the schedule generated here applies only to a loan where all payments are made in full in a timely manner. It does not include any late fees or additional accrued interest due to late payments.
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