$20,000 loan payment
What's the monthly payment on a $20,000 loan? It comes down to your interest rate (APR) and how long you take to repay. The calculator below is preset to $20,000; adjust the rate and term, and the table shows the monthly payment at common APRs across popular terms.
Your numbers
Monthly payment
$420
Borrowed
$20,000
Total interest
$5,202
Total of payments
$25,202
| APR | 24 mo | 36 mo | 48 mo | 60 mo |
|---|---|---|---|---|
| 6% | $886 | $608 | $470 | $387 |
| 8% | $905 | $627 | $488 | $406 |
| 10% | $923 | $645 | $507 | $425 |
| 12% | $941 | $664 | $527 | $445 |
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How is the monthly loan payment calculated?
It uses the standard amortization formula: the loan amount times the monthly rate, divided by one minus (one plus the monthly rate) to the power of minus the number of payments. Monthly rate is the APR divided by 12; the number of payments is the term in months.
What's the difference between interest rate and APR?
The interest rate is the cost of borrowing the principal; APR also includes most lender fees, so it reflects the true annual cost. Compare loans by APR.
Does a longer term save me money?
No — it lowers the monthly payment but increases the total interest you pay. A shorter term costs more per month but less overall.
CostTrek provides general information, not financial advice. Results are estimates based on the figures you enter; your actual rate, taxes and insurance will vary.