Estimate the monthly payment on a $15,000 personal loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$498.21
at 12% APR over 3 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $442.86 | $942.95 |
| 5% | $449.56 | $1,184.28 |
| 6% | $456.33 | $1,427.85 |
| 7% | $463.16 | $1,673.63 |
| 8% | $470.05 | $1,921.64 |
| 9% | $477.00 | $2,171.86 |
| 10% | $484.01 | $2,424.28 |
| 12% | $498.21 | $2,935.73 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $15,000 principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments (years × 12). Each payment covers the interest accrued that month first, with the remainder reducing the principal — so early payments are mostly interest and later payments are mostly principal.