Calculating Balance Due on Interest Only Loan

[Brandon Sok]

I am getting a $205k private loan, interest-only, at 7%. 

Monthly Payments: $1,195.83

Let's say it takes 6 months for repairs and refi. What will I owe to pay off the balance at that 6 month mark?

Thanks in advance.

[David M.]

@Brandon Sok

Why isn’t is the principal, $205k? If you are making the min payments, only the interest (which is what you monthly payment works out, you’ll never pay down the principal.