Generally, the total cost of the loan depends on the approved loan amounts and interest rates, loan terms, prepayment fees, origination fees, late payment fees, or any other fees the lender may charge.
The monthly payment specifically is dependent on the loan term and the overall borrowing cost. You can beat down the monthly payment by choosing a lender with zero extra fees and minimal interest. Longer loan terms mean smaller monthly payments too. But this could increase the total cost of the loan.
Typically the monthly payment on a $20000 personal loan ranges between $273 and $2009 depending on the APR and loan term. The loan term on personal loans may extend up to 84 months while the APR on these loans is usually within the 3.99%-35.99% range.
Examples of $20000 Loan Payments
Here are some classic examples of how much you are expected to remit a month for a fixed APR of 25%, different payoff periods, and the total interest to be paid over the life of a $20000 personal loan.
| Payoff Period (months) | APR (%) | Monthly payment ($) | Total interest for the loan term ($) | Total amount to be paid ($) |
| 12 | 25 | 1901 | 2811 | 22811 |
| 24 | 25 | 1067 | 5618 | 25618 |
| 36 | 25 | 795 | 8627 | 28627 |
| 48 | 25 | 663 | 11830 | 31830 |
| 60 | 25 | 587 | 15221 | 35221 |
| 72 | 25 | 538 | 18789 | 38789 |
Conclusion
Before taking out a 20000-dollar loan, it is important to determine its cost implication. This should help you determine if it’s worth it or you should try out a different lender instead.