Monthly Payment on a $1,000 Loan at 7% APR for 48 Months
A $1,000 loan at 7% APR repaid over 48 months has a monthly payment of $23.95. Over the full 48 months (4 years) term you'd pay $149.42 in total interest, bringing the total cost of the loan to $1,149.42. A 7% APR is typical for borrowers with very good credit (720+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$23.95
at 7% APR
Total Interest
$149.42
over 48 months
Total Cost
$1,149.42
principal + interest
Loan Summary
$1,000 · 7% APR · 48 months
| Loan amount | $1,000 |
| Interest rate (APR) | 7% |
| Term | 48 months (4 years) |
| Monthly payment | $23.95 |
| Total interest paid | $149.42 |
| Total cost of loan | $1,149.42 |
Loan Calculator
Monthly Payment
$23.95
Total Paid
$1,149.42
Total Interest
$149.42
$1,000 at 7% APR · 48-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 7% APR for 48 months?
The monthly payment on a $1,000 loan at 7% APR over 48 months is $23.95. 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 7% APR over 48 months, you'll pay $149.42 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,149.42.
Is 7% a good APR for a personal loan?
A 7% APR is generally available to borrowers with very good credit (720+). This is among the lower rates lenders offer and reflects strong creditworthiness.
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