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. But if you take out a $30,000 loan for seven years with an APR of 4%, your monthly payment will be $410.
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.
Below are the monthly payments that you can expect on a $30,000 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 $30,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $2,708 | $2,493 |
| 24 months | 15% | $1,455 | $4,910 |
| 36 months | 15% | $1,040 | $7,439 |
| 48 months | 15% | $835 | $10,076 |
| 60 months | 15% | $714 | $12,822 |
| 72 months | 15% | $634 | $15,673 |
| 84 months | 15% | $579 | $18,628 |
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.
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.
This answer was first published on 08/31/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $20,000 | 5 | $415.07 |
| $25,000 | 3 | $771.81 |
| $25,000 | 5 | $518.84 |
| $30,000 | 3 | $926.18 |
13 more rowsThis 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.
How much are payments on a $35,000 personal loan? ›
Long-Term Costs of $35,000 Personal Loan
| Interest Rate and Loan Term | $35,000 Personal Loan Payment |
|---|
| 7.99% APR for 36 months | $1,096.61 |
| 7.99% APR for 60 months | $709.51 |
| 18.00% APR for 24 months | $1,747.34 |
| 18.00% APR for 36 months | $1,265.33 |
5 more rowsFor example, the interest on a $30,000, 36-month loan at 6% is $2,856.
How much would a $25,000 loan payment be? ›
The monthly payment on a $25,000 loan ranges from $342 to $2,512, depending on the APR and how long the loan lasts. For example, if you take out a $25,000 loan for one year with an APR of 36%, your monthly payment will be $2,512.
How to pay off a $30,000 loan fast? ›
5 Ways To Pay Off A Loan Early
- Make bi-weekly payments. Instead of making monthly payments toward your loan, submit half-payments every two weeks. ...
- Round up your monthly payments. ...
- Make one extra payment each year. ...
- Refinance. ...
- Boost your income and put all extra money toward the loan.
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.
Who gives the quickest loans? ›
Summary: Best Fast Personal Loans For Quick Cash
| COMPANY | FORBES ADVISOR RATING | LOAN AMOUNTS |
|---|
| SoFi® | 4.0 | $5,000 to $100,000 |
| LightStream | 4.0 | $5,000 to $100,000 |
| Rocket Loans | 4.0 | $2,000 to $45,000 |
| LendingPoint | 3.5 | $1,000 to $36,500 |
2 more rowsAug 1, 2024
If you racked up $30,000 in student loan debt, you're right in line with typical numbers: the average student loan balance per borrower is $33,654. Compared to others who have six-figures worth of debt, that loan balance isn't too bad. However, your student loans can still be a significant burden.
What is a decent personal loan rate? ›
For example, if you have excellent credit, a rate below 11 percent would be considered good, while 12.5 percent would be less competitive.
The monthly payment on a $3,000 personal loan will depend on the loan term and the interest rate. For example, the monthly payment on a two-year $3,000 loan with an annual percentage rate (APR) of 12% would be $141.22. The monthly payment on a $3,000 loan with a six-year term and an APR of 12% would be $58.65.
How much would a $50,000 loan cost per month? ›
Calculating the monthly cost for a $50,000 loan at an interest rate of 8.75%, which is the average rate for a 10-year fixed home equity loan as of September 25, 2023, the monthly payment would be $626.63.
What is the average monthly payment on a $30000 loan? ›
The bottom line
A $30,000 home equity loan will typically cost anywhere from $299.83 to $376.30 per month, depending on whether you choose a 10-year or 15-year term. As you decide which term works best for you, consider your short- and long-term goals.
What is a benefit of obtaining a personal loan? ›
Benefits of Personal Loans
Personal loans generally have a lower interest rate than credit cards, which may help you save in total interest paid over the life of the loan. Flexible terms. Many personal lenders offer three- or five-year loans, while some offer terms of up to seven years.
How big of a personal loan can I get? ›
Although loan amounts vary across lenders, the maximum amount for personal loans typically ranges from $500 to $100,000. In some cases, you may qualify for a loan larger than what you need. Before accepting any loan, consider what you can afford to repay and be sure you don't borrow more than what you can manage.
How many years will it take to pay off $30000? ›
If you only make the minimum payment each month, it will take about 460 months, or about 38 years, to pay off that $30,000 balance. And, you'll pay a staggering $54,359.80 in interest charges along the way, which means the interest you pay will be well above the original principal balance you started with.
