To determine the monthly payment of a personal loan of $55k, you will need to know the APR as well as the duration of the loan. And sometimes a lender might charge the borrower an origination fee that is usually paid upfront, but in other cases, it might be added to the interest rate as well and you would end up paying a slightly higher monthly payment.
With that being said, let us find out how much you'd need to pay for a $55,000 personal loan. The loan duration can range from one to seven years, and the APR is between 4% to 36%. The lowest monthly payment would be $752 for a duration of seven years and with the lowest APR of 4%, and the highest monthly payment is $5,525 paid for one year with an interest rate of 36%.
Any other combination of the loan period and APR would fall between those two rates. So, the monthly payment for a $55k loan paid for 3 years with an APR of 15% would be $1,907.
The below will serve as a reference allowing you to compare the monthly payments and interest rates you would pay for a $55 000 personal loan with an average APR of 15%.
| Period of Loan | APR | Payment per Month | Total Interest |
| 1 year | 15% | $4,964 | $4,570 |
| 2 years | 15% | $2,667 | $9,002 |
| 3 years | 15% | $1,907 | $13,637 |
| 4 years | 15% | $1,531 | $18,473 |
| 5 years | 15% | $1,308 | $23,507 |
| 6 years | 15% | $1,163 | $28,734 |
| 7 years | 15% | $1,061 | $34,151 |
Conclusion
From the above example you can clearly see the expected monthly payments for every different duration for the average APR of 15%. It is a good idea to think through the monthly payments before signing an agreement for a personal loan and make sure that you are able to afford to pay it every month.