The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504. But if you take out a $15,000 loan for seven years with an APR of 4%, your monthly payment will be $205.
Almost all personal loans offer payoff periods that fall between one and seven years, so those periods serve as the minimum and maximum in our calculations. In addition, these calculations assume that if the lender has an origination fee, it's built into the APR. Some lenders charge an origination fee up front, so your monthly payments might be smaller as a result.
Below are the monthly payments that you can expect on a $15,000 loan with different payoff periods. The table assumes you will be paying interest at an APR of 15%, which is roughly the average personal loan APR.
Example Monthly Payments on a $15,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $1,354 | $1,246 |
| 24 months | 15% | $727 | $2,455 |
| 36 months | 15% | $520 | $3,719 |
| 48 months | 15% | $417 | $5,038 |
| 60 months | 15% | $357 | $6,411 |
| 72 months | 15% | $317 | $7,837 |
| 84 months | 15% | $289 | $9,314 |
If you'd like to try out any other combinations of payoff periods and interest rates before you apply, you can use WalletHub's free personal loan calculator.
Once you get approved for a personal loan, you will receive information on exactly what your monthly payment will be. And you'll be able to access that information any time through your online account or by looking at one of your monthly bills.
This answer was first published on 08/31/21 and it was last updated on 09/10/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
What is the monthly payment on a $15,000 personal loan? The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
How hard is it to get a 15k personal loan? ›
If you are looking to renovate your home, make a big purchase or even consolidate your debt, a $15,000 personal loan may be a good option. While the $15,000 personal loan is a common loan size, it's not always the easiest to qualify for. You will, at a minimum, need a healthy credit score and proof of income.
How to pay off a 15k loan fast? ›
5 ways to pay off your personal loan faster
- Make bi-weekly payments. A relatively easy way to pay your personal loan off faster is to set up bi-weekly payments. ...
- Pay extra when you get extra money. ...
- Get a second job. ...
- Revisit your budget. ...
- Refinance your current personal loan.
It will take 32 months to pay off $15,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How much is a $15,000 car payment per month? ›
On average, they get an APR of 2.89%, which obliges them to pay the following amounts monthly on a $15,000 loan: 12 months. $1269.25.
How much would a $15,000 loan cost per month? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
13 more rowsAverage online personal loan rates
| Borrower credit rating | Score range | Estimated APR |
|---|
| Excellent | 720-850. | 11.85%. |
| Good | 690-719. | 14.12%. |
| Fair | 630-689. | 18.05%. |
| Bad | 300-629. | 22.68%. |
Jun 11, 2024
A minimum payment of 3% a month on $15,000 worth of debt means 227 months (almost 19 years) of payments, starting at $450 a month. By the time you've paid off the $15,000, you'll also have paid almost as much in interest ($12,978 if you're paying the average interest rate of 14.96%) as you did in principal.
Is it worth it to get a personal loan to pay off debt? ›
As of November 2023, the average interest rate on a personal loan with a 24-month term was 12.35%, according to data from the Federal Reserve. So, by using a personal loan to pay off your credit card debt, there could be significant savings, as the average credit card rate is currently 21.47%.
What is the 15 3 rule for loans? ›
What is the 15/3 rule? The 15/3 rule, a trending credit card repayment method, suggests paying your credit card bill in two payments—both 15 days and 3 days before your payment due date. Proponents say it helps raise credit scores more quickly, but there's no real proof. Building credit takes time and effort.
Here are four ways you can pay off $15,000 in credit card debt quickly.
- Take advantage of debt relief programs.
- Use a home equity loan to cut the cost of interest.
- Use a 401k loan.
- Take advantage of balance transfer credit cards with promotional interest rates.
So, $20,000 at 5% for 36 months will cost $21,579.05 saving you $1,066.43. Using the calculator above (assuming $0 down payment, $0 trade-in and 1% sales tax) you will see that the monthly payment for the 5 year loan is $377.42 and the monthly payment for the 3 year loan is $599.42.
How to pay off credit card debt when you have no money? ›
- Using a balance transfer credit card. ...
- Consolidating debt with a personal loan. ...
- Borrowing money from family or friends. ...
- Paying off high-interest debt first. ...
- Paying off the smallest balance first. ...
- Bottom line.
The monthly payment on a $20,000 loan ranges from $273 to $2,009, depending on the APR and how long the loan lasts. For example, if you take out a $20,000 loan for one year with an APR of 36%, your monthly payment will be $2,009.
What is a realistic monthly car payment? ›
The average monthly car payment for new cars is $735. ( Experian) The average monthly car payment for used cars is $523. ( Experian)
How to pay off a 6 year car loan in 3 years? ›
Below are the methods you should consider to pay off your car loan faster:
- Refinance your car loan.
- Split Your Bill Into Two Biweekly Payments.
- Make a large down payment.
- Round up your car payments.
- Review additional car expenses.
A credit score of at least 660 is typically required for a $15,000 personal loan. Some lenders that cater to people with poor credit will charge higher interest rates and fees to cover their elevated risk.
Is 15k debt a lot? ›
The bottom line. $15,000 can be an intimidating total when you see it on credit card statements, but you don't have to be in debt forever. If you're struggling to make your minimum payments every month and you don't see light at the end of the tunnel, sign up for a debt management program to get out of debt fast.
How hard is it to get approved for a 10k loan? ›
Generally, you need a good to excellent credit score of 670 or above to qualify for a $10,000 loan. However, some lenders specialize in working with borrowers with fair or poor credit.
What credit score do I need for 20k loan? ›
Check Your Credit Score.
However, when applying for a larger amount of $20,000 and up, you may need a higher score. A score of around 670 or more will increase your chances of being approved for a larger loan amount at the lowest rates available.
