Monthly Payment on a $1,000 Loan at 5% APR for 24 Months
A $1,000 loan at 5% APR repaid over 24 months has a monthly payment of $43.87. Over the full 24 months (2 years) term you'd pay $52.91 in total interest, bringing the total cost of the loan to $1,052.91. A 5% APR is typical for borrowers with excellent credit (760+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$43.87
at 5% APR
Total Interest
$52.91
over 24 months
Total Cost
$1,052.91
principal + interest
Loan Summary
$1,000 · 5% APR · 24 months
| Loan amount | $1,000 |
| Interest rate (APR) | 5% |
| Term | 24 months (2 years) |
| Monthly payment | $43.87 |
| Total interest paid | $52.91 |
| Total cost of loan | $1,052.91 |
Loan Calculator
Monthly Payment
$43.87
Total Paid
$1,052.91
Total Interest
$52.91
$1,000 at 5% APR · 24-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 5% APR for 24 months?
The monthly payment on a $1,000 loan at 5% APR over 24 months is $43.87. 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 5% APR over 24 months, you'll pay $52.91 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,052.91.
Is 5% a good APR for a personal loan?
A 5% APR is generally available to borrowers with excellent credit (760+). This is among the lower rates lenders offer and reflects strong creditworthiness.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator