Personal loans are usually given a period of one year to seven to repay them. The monthly payment for $70,000 personal loans takes into account the APR - or Annual Percentage Rate - and the duration to repay the loan. And according to the terms of your loan the interest that you need to pay for the loan, might range between 4% and 36%, with an average of 15%.
So let us say, for instance, that you get a personal loan for $70,000 with an APR of 4% and need to repay it over a period of 7 years. Your monthly payment, in this case, would be $$957. But if your $70,000 loan should be repaid over a period of 1 year and the APR is 36%, for example, your monthly payment would be $7,032.
As a general rule of thumb, as low your loan period is, the higher your monthly payment will be, but the total interest you'd need to pay would be significantly less.
As a reference, let us take the average of 15% APR and see examples of monthly payments and interest amounts you'd have to pay over the course of a loan duration from one to seven years.
| Loan Duration | APR | Payment per Month | Total Interest |
| 1 year | 15% | $6,318 | $5,817 |
| 2 years | 15% | $3,394 | $11,458 |
| 3 years | 15% | $2,427 | $17,357 |
| 4 years | 15% | $1,948 | $23,511 |
| 5 years | 15% | $1,665 | $29,918 |
| 6 years | 15% | $1,480 | $36,571 |
| 7 years | 15% | $1,351 | $43,456 |
Conclusion
Taking out a $70,000 personal loan can be of great assistance when you are facing trouble or you happen to have an emergency. However, there are a few things that you need to keep in mind in terms of repaying back the amount borrowed. We advise you to go through the terms and conditions of your loan offer in detail and take note of the APR and duration before signing the agreement.