You can easily calculate it yourself with these parameters:
- Principal: the amount borrowed.
- Annual percentage rate (assuming that additional charges have been added).
- Loan term: the period in which the loan will be repaid.
Then you use this formula:
M= P*R*(1+R)N
(1+R)N-1
Where
M is the monthly payment,
P is the principal,
R is APR/12 (since there are 12 months in a year), and
N is the loan term in months.
Possible Monthly Payments on a $1,000 Personal Loan
The following table displays some potential payments on a $1,000 personal loan with a 15% APR and various loan periods.
| Loan term (months) | APR (%) | Total interest ($) | Monthly payment ($) |
| 12 | 15 | 83 | 90 |
| 24 | 15 | 164 | 48 |
| 36 | 15 | 248 | 35 |
| 48 | 15 | 336 | 28 |
| 60 | 15 | 427 | 24 |
| 72 | 15 | 522 | 21 |
| 84 | 15 | 621 | 19 |
It's important to note that the payments you make monthly can be very different from this because the annual percentage rate on a personal loan has a wide range of 3%-36%.
While a longer repayment term has its benefits, such as a more affordable monthly payment, it also comes with its disadvantages, including:
- Increase in the total interest
You will pay the interest for longer, causing a rise in the entire interest. - Difficulty getting another loan
Generally, the earlier you complete payments, the earlier you can get another loan.