The monthly payment on a $40,000 loan ranges from $547 to $4,018, depending on the APR and how long the loan lasts. For example, if you take out a $40,000 loan for one year with an APR of 36%, your monthly payment will be$4,018. But if you take out a $40,000 loan for seven years with an APR of 4%, your monthly payment will be $547.
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 $40,000 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 $40,000 Personal Loan
| Payoff period | APR | Monthly payment | Total interest over life of loan |
| 12 months | 15% | $3,610 | $3,324 |
| 24 months | 15% | $1,939 | $6,547 |
| 36 months | 15% | $1,387 | $9,918 |
| 48 months | 15% | $1,113 | $13,435 |
| 60 months | 15% | $952 | $17,096 |
| 72 months | 15% | $846 | $20,898 |
| 84 months | 15% | $772 | $24,837 |
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.
