Monthly Payment on a $1,000 Loan at 16% APR for 24 Months
A $1,000 loan at 16% APR repaid over 24 months has a monthly payment of $48.96. Over the full 24 months (2 years) term you'd pay $175.11 in total interest, bringing the total cost of the loan to $1,175.11. A 16% APR is typical for borrowers with fair credit (630–689). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$48.96
at 16% APR
Total Interest
$175.11
over 24 months
Total Cost
$1,175.11
principal + interest
Loan Summary
$1,000 · 16% APR · 24 months
| Loan amount | $1,000 |
| Interest rate (APR) | 16% |
| Term | 24 months (2 years) |
| Monthly payment | $48.96 |
| Total interest paid | $175.11 |
| Total cost of loan | $1,175.11 |
Loan Calculator
Monthly Payment
$48.96
Total Paid
$1,175.11
Total Interest
$175.11
$1,000 at 16% APR · 24-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 16% APR for 24 months?
The monthly payment on a $1,000 loan at 16% APR over 24 months is $48.96. This is calculated with the standard amortization formula and assumes equal fixed payments for the full term.
How much total interest will I pay on this $1,000 loan?
At 16% APR over 24 months, you'll pay $175.11 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,175.11.
Is 16% a good APR for a personal loan?
A 16% APR is generally available to borrowers with fair credit (630–689). This is a mid-range rate — improving your credit score or adding a co-signer could help you qualify for a lower one.
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