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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$20,000 personal loan: monthly payment
| APR | 12 mo | 24 mo | 36 mo | 48 mo | 60 mo |
|---|---|---|---|---|---|
| 8% | $1,739.77 | $904.55 | $626.73 | $488.26 | $405.53 |
| 12% | $1,776.98 | $941.47 | $664.29 | $526.68 | $444.89 |
| 16% | $1,814.62 | $979.26 | $703.14 | $566.81 | $486.36 |
| 20% | $1,852.69 | $1,017.92 | $743.27 | $608.61 | $529.88 |
| 25% | $1,900.88 | $1,067.43 | $795.20 | $663.14 | $587.03 |
| 30% | $1,949.74 | $1,118.26 | $849.03 | $720.12 | $647.07 |
Worked example
At 12% APR over 36 months, the payment is $664.29 and total interest is $3,914. The same loan at 25% APR costs $8,627 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 $20,000 loan?
$664.29 for 36 months at 12% APR.