Where do these numbers come from?
- Standard formulasAmortization M = P·r(1+r)^n / ((1+r)^n − 1) and monthly compoundingreviewed Oct 23, 2026
- Freddie MacPMMS mortgage-rate benchmarkweek of Oct 22, 2026
Checked Oct 23, 2026. $320,000 at 6.5% over 360 months: this calculator gives $2,022.62 a month and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (same PMT as Excel and Google Sheets) returns 2,022.62.
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$15,000 personal loan: monthly payment
| APR | 12 mo | 24 mo | 36 mo | 48 mo | 60 mo |
|---|---|---|---|---|---|
| 8% | $1,304.83 | $678.41 | $470.05 | $366.19 | $304.15 |
| 12% | $1,332.73 | $706.10 | $498.21 | $395.01 | $333.67 |
| 16% | $1,360.96 | $734.45 | $527.36 | $425.10 | $364.77 |
| 20% | $1,389.52 | $763.44 | $557.45 | $456.46 | $397.41 |
| 25% | $1,425.66 | $800.57 | $596.40 | $497.36 | $440.27 |
| 30% | $1,462.31 | $838.69 | $636.77 | $540.09 | $485.30 |
Worked example
At 12% APR over 36 months, the payment is $498.21 and total interest is $2,936. The same loan at 25% APR costs $6,470 in interest: the rate matters more than the term for total cost.
Rates in the tables are a range for comparison, not current market quotes. Payments are principal and interest only unless stated.
Frequently asked questions
What is the monthly payment on a $15,000 loan?
$498.21 for 36 months at 12% APR.