Estimate the monthly payment on a $30,000 personal loan. Adjust the rate and term below to match your offer.
Estimated monthly payment
$996.43
at 12% APR over 3 years
| APR | Monthly Payment | Total Interest |
|---|---|---|
| 4% | $885.72 | $1,885.90 |
| 5% | $899.13 | $2,368.57 |
| 6% | $912.66 | $2,855.69 |
| 7% | $926.31 | $3,347.26 |
| 8% | $940.09 | $3,843.27 |
| 9% | $953.99 | $4,343.71 |
| 10% | $968.02 | $4,848.56 |
| 12% | $996.43 | $5,871.45 |
The monthly payment uses the standard amortizing loan formula: M = P × [r(1+r)ⁿ] / [(1+r)ⁿ − 1], where P is the $30,000 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.