How do I calculate an interest only loan?

Question

Amount of $561,000.00 for 5 years

Answer 1

what is the interest rate?

Answer 2

Kathryn's formula is correct - you'll need the interest rate in order to calculate it.

  

Answer 3

You need the payments to calculate.

Answer 4

If it's interest only, you calculate it as follows:

(561,000 * Interest Rate) = Annual Payment

Annual Payment / 12 = Monthly Payment

The number of years is not relevant because you're not paying anything toward the principal.  In other words, you'll pay the monthly payment every month for five years (at which point I presume the loan converts to one that amortizes).