Monthly Payment on a $1,000 Loan at 6% APR for 24 Months
A $1,000 loan at 6% APR repaid over 24 months has a monthly payment of $44.32. Over the full 24 months (2 years) term you'd pay $63.69 in total interest, bringing the total cost of the loan to $1,063.69. A 6% 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
$44.32
at 6% APR
Total Interest
$63.69
over 24 months
Total Cost
$1,063.69
principal + interest
Loan Summary
$1,000 · 6% APR · 24 months
| Loan amount | $1,000 |
| Interest rate (APR) | 6% |
| Term | 24 months (2 years) |
| Monthly payment | $44.32 |
| Total interest paid | $63.69 |
| Total cost of loan | $1,063.69 |
Loan Calculator
Monthly Payment
$44.32
Total Paid
$1,063.69
Total Interest
$63.69
$1,000 at 6% APR · 24-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 6% APR for 24 months?
The monthly payment on a $1,000 loan at 6% APR over 24 months is $44.32. 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 6% APR over 24 months, you'll pay $63.69 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,063.69.
Is 6% a good APR for a personal loan?
A 6% APR is generally available to borrowers with excellent credit (760+). This is among the lower rates lenders offer and reflects strong creditworthiness.
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