Your result
What your result means
Borrowing $15,000 at 9.5% over 4 years means a monthly payment of $376.85. Altogether you repay $18,088.65, of which $3,088.65 is interest — about $0.21 for every dollar borrowed.
The math
Formula and sources
M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1)
- M
- monthly principal-and-interest payment
- P
- amount borrowed (price minus down payment)
- r
- monthly interest rate = annual rate ÷ 12
- n
- term in months
How to calculate loan payments with interest: use the same PMT formula as mortgages — M = P × r × (1 + r)^n ÷ ((1 + r)^n − 1), where r is the monthly rate (annual ÷ 12) and n is the term in months. Works for any loan with a fixed rate and equal monthly payments. Origination fees are not included; if a fee is deducted from the loan, your APR is higher than the rate.
Sources we checked this against
- 1PMT function (payment formula and examples)Microsoft Support · support.microsoft.com
- 2Loan Estimate sample H-24(B), fixed-rate loanConsumer Financial Protection Bureau · files.consumerfinance.gov
- 3How do I compare auto loan offers?Consumer Financial Protection Bureau · consumerfinance.gov
- 4G.19 Consumer Credit: commercial bank rate on 24-month personal loansFederal Reserve Board · federalreserve.gov
Formula last checked 2026-11-05. Found an error? Tell us and we will fix it.
Data: See payments on loan amounts from $100k to $1M at 5.5% to 8% (Census and Freddie Mac data, free CSV).
Payment table
Monthly payment by loan amount
Monthly payments for common loan amounts over 3, 5 and 7 years at 11.9% APR, the average rate on 24-month personal loans at commercial banks in the Federal Reserve's G.19 Consumer Credit release for Q3 2026 (August 2026 survey) (FRED series). Each figure is computed with this calculator's formula; total interest is in brackets. Your own rate depends on your credit, so enter your quote above for an exact number.
| Loan amount | 3 years (36 months) | 5 years (60 months) | 7 years (84 months) |
|---|---|---|---|
| $5,000 | $165.83 ($970) | $110.97 ($1,658) | $88.00 ($2,392) |
| $10,000 | $331.67 ($1,940) | $221.94 ($3,316) | $175.99 ($4,784) |
| $15,000 | $497.50 ($2,910) | $332.91 ($4,975) | $263.99 ($7,175) |
| $20,000 | $663.33 ($3,880) | $443.88 ($6,633) | $351.99 ($9,567) |
| $25,000 | $829.16 ($4,850) | $554.85 ($8,291) | $439.98 ($11,959) |
| $30,000 | $995.00 ($5,820) | $665.82 ($9,949) | $527.98 ($14,350) |
| $40,000 | $1,326.66 ($7,760) | $887.76 ($13,265) | $703.97 ($19,134) |
| $50,000 | $1,658.33 ($9,700) | $1,109.70 ($16,582) | $879.96 ($23,917) |
| $75,000 | $2,487.49 ($14,550) | $1,664.55 ($24,873) | $1,319.95 ($35,876) |
| $100,000 | $3,316.66 ($19,400) | $2,219.39 ($33,164) | $1,759.93 ($47,834) |
Download this table as CSV · Free to reuse under CC BY 4.0 with a link to this page.
Reading the table: a $30,000 loan costs $665.82 a month over 5 years, and stretching it to 7 years lowers the payment to $527.98 but adds $4,401 of interest. The payment scales in direct proportion to the amount at the same rate and term, so a $50,000 loan costs exactly 5 times a $10,000 loan, give or take a cent of rounding.
Step by step
Two worked examples
Microsoft’s PMT example
Monthly payment
$1,037.03
- Loan amount
- $10,000
- Interest rate
- 8%
- Term
- 10 months
Excel’s documentation shows $10,000 at 8% over 10 months costs $1,037.03 a month. We get $1,037.03, with $370.34 of interest.
$10,000 at 8% over 5 years
Monthly payment
$202.76
- Loan amount
- $10,000
- Interest rate
- 8%
- Term
- 60 months
Spreading the same loan over 60 months drops the payment to $202.76 but interest grows to $2,165.92.
| Result | Example 1 | Example 2 |
|---|---|---|
| Monthly payment | $1,037.03 | $202.76 |
| Total interest | $370.34 | $2,165.92 |
| Total of payments | $10,370.34 | $12,165.92 |
Questions
Frequently asked questions
What is the monthly payment on a $30,000 loan?
At 11.9% APR, the Federal Reserve's average 24-month personal loan rate (G.19, August 2026), a $30,000 loan costs $995.00 a month over 3 years, $665.82 over 5 years or $527.98 over 7 years, with $5,820, $9,949 and $14,350 of total interest. At 7.5% for 60 months the payment drops to about $601.14. Enter your own rate and term above to match a quote to the cent.
What is the monthly payment on a $50,000 loan?
At 11.9% APR (Federal Reserve G.19 average for 24-month personal loans, August 2026), a $50,000 loan costs $1,658.33 a month over 3 years, $1,109.70 over 5 years or $879.96 over 7 years, with $9,700, $16,582 and $23,917 of total interest. At 8% for 60 months it is about $1,013.82. The formula matches Excel's PMT function.
What is the monthly payment on a $20,000 loan?
At 11.9% APR (Federal Reserve G.19 average for 24-month personal loans, August 2026), a $20,000 loan costs $663.33 a month over 3 years, $443.88 over 5 years or $351.99 over 7 years, with $3,880, $6,633 and $9,567 of total interest. The table above lists $5,000 to $100,000.
What’s the difference between interest rate and APR?
The rate sets your payment. The APR adds certain fees and shows the yearly cost of credit, which makes offers easier to compare. If a loan has fees, its APR is higher than its rate.
Can I pay a personal loan off early?
Most personal loans allow early payoff without penalty, but check the agreement. Paying early saves the interest that would have accrued on the remaining balance.
Why do longer loans cost more?
Interest is charged on the balance every month. A longer term keeps the balance higher for longer, so more interest accumulates even though each payment is smaller.