Personal Loan Calculator (2024)

Results

Tips for Paying off Personal Loans

  1. Set up automatic payments. You can typically set up automatic monthly payments through your online account. The benefit to this is that you’ll never forget to make a payment, as the money will automatically get withdrawn as long as there’s enough in your bank account.
  2. Pay off your loan early. Personal loans have set monthly payments, but you’re allowed to pay more or make payments more often if you want to. The sooner you pay off your loan, the less total interest you’ll owe. Just make sure your lender doesn’t charge a fee for paying off your loan early – this is rare, but it’s always good to check.
  3. Refinance expensive debts. If your current personal loan APR is very expensive and you’ve increased your credit score and/or income since you took the loan out, you may want to apply for a cheaper personal loan and use it to pay off your current loan. You could also consider moving the balance to a balance transfer credit card.
  4. Make a strict budget. The more spending you can cut back on, the more money you can put toward paying off your personal loan and becoming debt-free. You can also start building an emergency fund to help reduce the chances that you’ll have to take out more loans in the future.
  5. Consolidate your debt. If you have multiple debts, you may want to take out a debt consolidation loan or credit card to pay them off and move all of the debt to one place. This is usually only worth doing if you can get a lower interest rate on the new loan or credit card than the rate on your existing debts.

The more you pay each month toward your personal loan, the less interest you’ll owe over the life of the loan. Below, you can see examples of how increasing your monthly payment can decrease your total interest and help you get debt-free sooner.

Examples of How Long It Will Take to Pay Off a $15,000 Personal Loan

DebtMonthly PaymentPayoff TimeTotal Interest Accrued
$15,000$200196 months$24,168
$15,000$40051 months$5,084
$15,000$50038 months$3,731
$15,000$1,00017 months$1,646

Note: Payoff timeframes assume the average APR among personal loans: 14.47%.

Questions & Answers

Editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. It is not the financial institution’s responsibility to ensure all posts and questions are answered.

21

Upvotes

What is the monthly payment on a $5,000 personal loan?

Reply

21

Rick Bormin, Personal Loans Moderator

@rhandoo2020

The monthly payment on a $5,000 loan ranges from $68 to $502, depending on the APR and how long the loan lasts. For example, if you take out a $5,000 loan for one year with an APR of 36%, your monthly payment will be $502. But if you take out a $5,000 loan for seven years with an APR of 4%, your monthly payment will be $68.

Below are the monthly payments that you can expect on a $5,000 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 $5,000 Personal Loan

Payoff period

APR

Monthly payment

1 year

15%

$451

2 years

15%

$242

3 years

15%

$173

4 years

15%

$139

5 years

15%

$119

6 years

15%

$106

7 years

15%

$96


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.

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.

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.

5

1

22

Upvotes

What is a good interest rate on a personal loan?

Reply

22

1

Adam McCann, Financial Writer

@adam_mcan

A good interest rate on a personal loan is around 5.99%. The average APR for a two-year personal loan from a bank is 12.17%, according to the latest Federal Reserve data, and the best personal loans have APRs as low as 5.99% for the most creditworthy borrowers. The rates you get will depend heavily on your credit, income, debt, and other financial factors.

The best way to get a decent interest rate on a...

show more

2

How can I compare personal loan rates?

Reply

1

Adam McCann, Financial Writer

@adam_mcan

It's easy to compare personal loan rates, which is good because doing so is essential to finding the best loan offers. Personal loan rates can range all the way from 6% to 36%, and they sometimes reflect more than just interest charges. The rates advertised for personal loans are actually annual percentage rates (APRs). Technically, the difference is that APRs include both interest and fees. However, origination fees are the most common type of personal...

show more

1

1

Upvote

What is the difference between APR and interest rate on a personal loan?

Reply

1

Adam McCann, Financial Writer

@adam_mcan

The difference between APR and interest rate on a personal loan is that the APR includes fees while the interest rate does not. Both the interest rate and the APR measure the cost of borrowing over a year's time, and both are expressed as a percentage rate. While these terms are fundamentally different, they are often used interchangeably and can be equal in cases where the loan has no fees.

One situation where the...

show more

2

Upvotes

How do you lower the interest rate on a personal loan?

Reply

2

Adam McCann, Financial Writer

@adam_mcan

The best way to lower the interest rate on a personal loan is by refinancing the loan with another lender. When you refinance, you use a new loan or line of credit with a lower interest rate to pay off the old loan, so you owe the old balance to the new lender. And since interest won't be accumulating as quickly, you should be able to pay off the new loan sooner, assuming your monthly...

show more

4

21

Upvotes

Which bank has the lowest interest rate on personal loans?

Reply

21

Adam McCann, Financial Writer

@adam_mcan

The major bank with the lowest interest rate for a personal loan is Barclays, which advertises APRs of 4.99% - 20.99%. Other notable banks with low personal loan rates include PNC (APRs of 5.99% - 32.24%) and American Express (APRs of 5.91% - 19.97%). Also, you may find similarly low rates to some smaller banks across the country that offer personal loans.

Banks with the Lowest Interest Rates for Personal Loans

  • Barclays: APRs of 4.99% - 20.99%
  • PNC: APRs of...

show more

16

11

Upvotes

What are the best debt consolidation loan rates?

Reply

11

Adam McCann, Financial Writer

@adam_mcan

Debt consolidation loan rates usually range from 6% to 36%, depending on the lender. The best debt consolidation loan rate is 5.95%, from LightStream (a division of SunTrust Bank), with its personal loan offer. Only the most qualified applicants will receive a rate that low, but even LightStream's maximum APR is relatively low, at 17.29%.

Most lenders don't offer loans specifically for debt consolidation. Rather, they offer general personal loans that can be used...

show more

2

Upvotes

How do you calculate monthly payments on a loan?

Reply

Adam McCann, Financial Writer

@adam_mcan

To calculate monthly payments on a loan, use a free loan payment calculator and avoid having to do any math yourself. Just input the total amount of the loan, the number of years it will last, and the interest rate in order to see the monthly payment required. A good calculator will also show you the total amount of interest you'll pay over the life of the loan and how long it will take to repay the...

show more

Upvotes

What is the monthly payment on a $15,000 personal loan?

Reply

Rick Bormin, Personal Loans Moderator

@rhandoo2020

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...

show more

Upvotes

What is the monthly payment on a $6,000 personal loan?

Reply

Rick Bormin, Personal Loans Moderator

@rhandoo2020

The monthly payment on a $6,000 loan ranges from $82 to $603, depending on the APR and how long the loan lasts. For example, if you take out a $6,000 loan for one year with an APR of 36%, your monthly payment will be $603. But if you take out a $6,000 loan for seven years with an APR of 4%, your monthly payment will be $82.

Almost all personal loans offer payoff periods...

show more

Important Disclosures

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ad Disclosure: The offers that appear on this page originate from paying advertisers. For full transparency, here is a list of our current advertisers.

Advertising impacts how and where offers appear on this site (including, for example, the order in which they appear and their prevalence). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Advertising enables WalletHub to provide you proprietary tools, services, and content at no charge. Advertising does not impact WalletHub's editorial content including our best picks, reviews, ratings and opinions. Those are completely independent and not provided, commissioned, or endorsed by any company, as our editors follow a strict editorial policy.

WalletHub is not a financial advisor. Our goal is to provide you with top-notch content, data, and tools. You are responsible for deciding what financial products and providers are best for your needs.

We work hard to show you up-to-date product terms, however, this information does not originate from us and thus, we do not guarantee its accuracy. Actual terms may vary. Before submitting an application, always verify all terms and conditions with the offering institution. Please let us know if you notice any differences.

Personal Loan Calculator (2024)

FAQs

How much is a $20,000 loan for 5 years? ›

Advertising Disclosures
Loan AmountLoan Term (Years)Estimated Fixed Monthly Payment*
$20,0005$415.07
$25,0003$771.81
$25,0005$514.57
$30,0003$926.18
13 more rows

How much would a $50,000 personal loan cost per month? ›

Example Monthly Payments on a $50,000 Personal Loan
Payoff periodAPRMonthly payment
24 months15%$2,424
36 months15%$1,733
48 months15%$1,392
60 months15%$1,189
3 more rows
Aug 31, 2021

What is the average payment on a $30000 personal loan? ›

The monthly payment on a $30,000 loan ranges from $410 to $3,014, depending on the APR and how long the loan lasts. For example, if you take out a $30,000 loan for one year with an APR of 36%, your monthly payment will be $3,014.

How much would a $10,000 loan cost per month? ›

Here's how much you'd pay each month for a $10,000 personal loan
8.00%
Two-Year Repayment$452.27/month, $854.55 in interest over time
Five-Year Repayment$202.76/month, $2,165.84 in interest over time
Seven-Year Repayment$155.86/month, $3,092.42 in interest over time
Jan 17, 2024

How much income do I need for a 20k loan? ›

Some lenders state they require stable, consistent income, while others list a minimum income requirement. For example, Discover requires a household income of at least $25,000. Finally, personal loan lenders consider your DTI ratio or your ratio of debt to gross income.

What is the monthly payment on a $20 000 loan? ›

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.

How much can I borrow with a 700 credit score? ›

You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.

What credit score do you need to get a $30,000 loan? ›

Requirements to receive a personal loan

This allows them to look at your history from the past seven years and see whether you've typically made payments on time. For a $30,000 loan, you'll typically need a credit score above 600 just to qualify or above 700 to get a competitive rate.

What is 6% interest on a $30,000 loan? ›

For example, the interest on a $30,000, 36-month loan at 6% is $2,856.

Which bank is best for a personal loan? ›

Lowest interest rates charges by banks on their personal loans:
BankMinimum interest rate on personal loan (%)
HDFC Bank10.5
State Bank of India12.30
Bank of Baroda13.15
Punjab National Bank13.75
6 more rows
Jan 24, 2024

What credit score is needed for a $35000 personal loan? ›

Where to get a $35k loan
LenderLoan amount rangeMinimum credit score
Achieve$5,000–$50,000620
LendingClub$1,000–$40,000600
Upgrade$1,000–$50,000600
Best Egg$2,000–$50,000600
4 more rows
May 13, 2024

What is the best place to get a personal loan? ›

Best Personal Loans of May 2024
  • SoFi: Best Personal Loan for Good to Excellent Credit.
  • Upgrade: Best Personal Loan for Bad Credit.
  • LightStream: Best Personal Loan for Low Interest Rates.
  • PenFed: Best Personal Loan for Credit Union Financing.
  • Happy Money: Best Personal Loan for Credit Card Debt Consolidation.
5 days ago

What is the payment on a $10,000 loan for 5 years? ›

Here's the monthly payment if you borrow $10,000
Interest Rate2-Year Repayment Timeline5-Year Repayment Timeline
11.48%$468 per month, $1,239.44 in total interest$220 per month, $3,189.54 in total interest
15.00%$485 per month, $1,636.80 in total interest$238 per month, $4,273.96 in total interest
1 more row
Aug 22, 2023

How much is a $10,000 loan over 5 years? ›

Representative Example

Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.

What credit score do I need for a $10,000 loan? ›

To increase your chance of qualifying for a $10,000 unsecured loan, you should have a credit score of 600 or higher. Some lenders start their minimum credit score requirements at 600, however, there are some lenders that require a credit score in the high 600s or low 700s.

Is it hard to get approved for a 20k loan? ›

As far as qualifying, you'll often need good or better credit (a FICO score above 670), and a stable income source that shows you can afford the payments. Annual percentage rates (APRs) for personal loans typically range from around 6% to 36%, depending on your credit profile and other factors.

Is a 20k loan a lot? ›

The bottom line. Taking out a $20,000 personal loan is a major financial decision. Before starting your search, figure out if you actually need to take out such a large loan. Then, estimate your borrowing costs to see how much you'll spend over the life of the loan.

How much is a $30,000 car payment for 5 years? ›

Provided the down payment is $5,000, the interest rate is 10%, and the loan length is five years, the monthly payment will be $531.18/month.

Top Articles
Latest Posts
Article information

Author: Van Hayes

Last Updated:

Views: 5407

Rating: 4.6 / 5 (66 voted)

Reviews: 89% of readers found this page helpful

Author information

Name: Van Hayes

Birthday: 1994-06-07

Address: 2004 Kling Rapid, New Destiny, MT 64658-2367

Phone: +512425013758

Job: National Farming Director

Hobby: Reading, Polo, Genealogy, amateur radio, Scouting, Stand-up comedy, Cryptography

Introduction: My name is Van Hayes, I am a thankful, friendly, smiling, calm, powerful, fine, enthusiastic person who loves writing and wants to share my knowledge and understanding with you.