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Home / Loan amortization / $15,000 over 3 years

$15,000 Personal Loan Payment Over 3 Years

What does a $15,000 personal loan cost each month over 3 years? The page starts at 11 percent. Edit any box to match the loan you are comparing.

At 11 percent the monthly payment comes to $491.08. Over the full term, the total paid is $17,679.

$
%
years
$
Monthly payment
$491.08
Total interest
$2,679
Total paid
$17,679
Year by year
YearPrincipal paidInterest paidBalance left
1$4,464$1,429$10,536
2$4,980$913$5,556
3$5,556$337$0
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How the payment is worked out

The monthly payment comes from one formula. Multiply the loan by the monthly rate, then divide by one minus the following number: one plus the monthly rate, raised to the negative of the number of payments. For $15,000 at 11 percent over 3 years, the monthly rate is 0.9167 percent and there are 36 payments.

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Worked example

Take $15,000 at 11 percent over 3 years. The monthly payment is $491.08. In the first month $137.50 goes to interest and $353.58 goes to principal.

Total interest on this loan is $2,679. After 2 years of payments the balance has fallen to $5,556.

Questions about this calculator

Is 3 years the right length for a $15,000 personal loan?

It depends on the monthly payment you can carry. At 11 percent this term costs $491.08 a month. A 5-year term would cost $326.14 a month and $4,568 in interest, compared with $2,679 over 3 years.

Do fees change the cost of a $15,000 personal loan over 3 years?

They can. Some lenders take an origination fee out of the amount you receive. This calculator ignores fees so add them to your own estimate. The interest on the starting figures is $2,679.

What if you shortened a $15,000 personal loan to 2 years?

The payment would rise to $699.12 from $491.08. Interest would fall to $1,779 from $2,679.

What if the rate on a $15,000 personal loan over 3 years were one point higher?

The payment would rise from $491.08 to $498.21, which is $7.13 more each month. One point lower would give $484.01.

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This page is for education only and is not financial or tax advice.