Estimate the monthly payment on a $20,000 personal loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$664.29
at 12% APR over 3 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $590.48 | $1,257.27 |
| 5% | $599.42 | $1,579.05 |
| 6% | $608.44 | $1,903.79 |
| 7% | $617.54 | $2,231.51 |
| 8% | $626.73 | $2,562.18 |
| 9% | $635.99 | $2,895.81 |
| 10% | $645.34 | $3,232.37 |
| 12% | $664.29 | $3,914.30 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $20,000 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.