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Summary: When calculating an interest-only loan, gather information on the loan amount, the interest rate and the term on the loan. Calculate total annual interest when figuring out an interest-only loan with tips from a financial consultant in this free video on personal finance and loans.
Carrie Kukuda has a business administration degree, and was branch manager of a community bank. Kukuda owns a consulting business for one-on-one credit education & budget/debt...read more
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"Thinking about an interest only loan? Hi, I'm Carrie Kukuda the some day coach. I'm going to give you some tips on how to calculate an interest only loan. First you need to gather your information of your loan amount, the interest rate and the term on the loan. You need to also consider if it is an interest only loan that come in different years. So typically you can do it three year, five year, seven year, ten year loan and that's when you're paying only on the interest of the loan. After you go through that term of three, five, seven or ten, you're going to be picking up the principle along with your interest rate. So that's just a little tip on that. But let's just do an example. Let's take a loan amount of 100,000 and an interest rate of 5 percent. First you want to calculate your total annual interest. So you're going to take the 100,000 and you're going to times it by the interest rate, but you're going to put it in decimal form so its 100,000 times .05. That number is going to be 5,000 and that's your actual annual interest rate. So that's what you're going to be paying throughout the year. To get it on a monthly basis, you divide it by 12. That will give you your loan payment for that year and that is 416 dollars and 67 cents. Its really that simple, so if you want an interest only loan, do those calculations and good luck. Again, its Carrie, thank you."
eHow Article: How to Calculate an Interest-Only Loan
Meet Mark P Cussen, CFP, CMFC eHow's Personal Finance Expert.
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