The monthly payment on a $9,000 loan ranges from $123 to $904, depending on the APR and how long the loan lasts. For example, if you take out a $9,000 loan for one year with an APR of 36%, your monthly payment will be $904. But if you take out a $9,000 loan for seven years with an APR of 4%, your monthly payment will be $123.
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 $9,000 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 $9,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $812 | $748 |
| 24 months | 15% | $436 | $1,473 |
| 36 months | 15% | $312 | $2,232 |
| 48 months | 15% | $250 | $3,023 |
| 60 months | 15% | $214 | $3,847 |
| 72 months | 15% | $190 | $4,702 |
| 84 months | 15% | $174 | $5,588 |
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
Personal Loan Calculator
| $5,000 | $9,000 |
|---|
| 24 mos. | $267 | $480 |
| 36 mos. | $199 | $358 |
| 48 mos. | $166 | $298 |
| 60 mos. | $147 | $264 |
Here's how much you'd pay each month for a $10,000 personal loan
| 8.00% |
|---|
| Two-Year Repayment | $452.27/month, $854.55 in interest over time |
| Five-Year Repayment | $202.76/month, $2,165.84 in interest over time |
| Seven-Year Repayment | $155.86/month, $3,092.42 in interest over time |
Jan 17, 2024
The monthly payment on an $8,000 loan ranges from $109 to $804, depending on the APR and how long the loan lasts. For example, if you take out an $8,000 loan for one year with an APR of 36%, your monthly payment will be $804.
What would be my monthly payment on a 10000 loan? ›
Representative Example
Representative 6.1% APR, based on a loan amount of £10,000, over 5 years, at a Fixed Annual Interest Rate of 5.9358%, (nominal). This would give you a monthly repayment of £193.02 and a total amount repayable of £11,581.20.
How much is a $10,000 loan for 5 years? ›
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| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
13 more rowsMonthly payments for a $9,000 personal loan
| Loan duration | Average monthly payments ($9,000 loan) | |
|---|
| Poor credit | Excellent credit |
|---|
| 1–12 months | $2,032.86 | $808.30 |
| 13–24 months | $453.73 | $406.01 |
| 25–36 months | $334.04 | $282.95 |
1 more rowMar 15, 2024
It will take 24 months to pay off $8,000 with payments of $400 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How long can you get a personal loan for? ›
Most personal loans have a payback period between 12 and 60 months. The term of a loan is the amount of time it takes to pay off the entire amount – assuming you make all your payments on time. Personal loans may be either short-term (1 to 5 years) or long-term (up to 30 years).
How to figure out monthly payment on a loan? ›
The formula is: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1], where M is the monthly payment, P is the loan amount, i is the interest rate (divided by 12) and n is the number of monthly payments.
How much would a $6,000 loan cost per month? ›
Example Monthly Payments on a $6,000 Personal Loan
| Payoff period | APR | Monthly payment |
|---|
| 12 months | 15% | $542 |
| 24 months | 15% | $291 |
| 36 months | 15% | $208 |
| 48 months | 15% | $167 |
3 more rowsAug 31, 2021
Although ranges vary depending on the credit scoring model, generally credit scores from 580 to 669 are considered fair; 670 to 739 are considered good; 740 to 799 are considered very good; and 800 and up are considered excellent.
Is $10000 considered a small loan? ›
Different lenders, institutions, and financial planners have different definitions of what defines a small loan. Some consider small loans to be anything under $5,000, while others use a $10,000 cutoff. For the purposes of this discussion, we'll say that a small personal loan is any loan in the $1,000 to $10,000 range.
What are personal loan rates right now? ›
The current average personal loan interest rate is 12.21%. People with good or excellent credit may qualify for lower-than-average interest rates, while rates for those with average or poor credit may be significantly higher.
How much would a $15,000 loan cost per month? ›
The monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
How to calculate monthly installment for personal loan? ›
E = P*r*(1+r)^n/((1+r)^n-1) where,
- E is EMI.
- P is the principal loan amount,
- r is the rate of interest calculated monthly, and.
- n is the tenure/ duration in months.
