$1,000 Loan Calculator — 60 Month Term
At the average personal loan rate of 11%, a $1,000 loan over 60 months costs $21.74/month with $304.55 in total interest. Use the calculator below or compare rates across all credit tiers.
Monthly Payment
$21.74
at 11% APR
Total Interest
$304.55
at 11% APR
Total Paid
$1,304.55
over 60 months
Payment Comparison by Credit Score
$1,000 loan · 60 months
| Credit Tier | APR | Monthly | Total Interest | Total Paid |
|---|---|---|---|---|
| Excellent (760+) | 5% | $18.87 | $132.27 | $1,132.27 |
| Very Good (720+) | 7% | $19.80 | $188.07 | $1,188.07 |
| Good (690+) | 10% | $21.25 | $274.82 | $1,274.82 |
| Fair (660+) | 13% | $22.75 | $365.18 | $1,365.18 |
| Poor (620+) | 17% | $24.85 | $491.15 | $1,491.15 |
| Bad (<620) | 21% | $27.05 | $623.20 | $1,623.20 |
Loan Calculator
Monthly Payment
$21.74
Total Paid
$1,304.55
Total Interest
$304.55
$1,000 · 60-Month Loan FAQs
What is the monthly payment on a $1,000 loan for 60 months?
At the national average rate of 11%, your monthly payment on a $1,000, 60-month loan is approximately $21.74. Over the life of the loan you'd pay $304.55 in interest for a total of $1,304.55.
How does the term length affect my $1,000 loan payment?
A shorter term means higher monthly payments but less total interest. For $1,000: a 12-month loan at 11% costs $88.38/mo, while a 60-month loan costs $21.74/mo but you'd pay $243.97 more in total interest.
What credit score do I need for a $1,000 personal loan?
For a $1,000 personal loan, most lenders require a minimum score of 580–620. Borrowers with scores above 720 qualify for the best rates (around 5–7%), while scores below 620 may face rates of 20%+.
Is 60 months a good term for a $1,000 loan?
A 60-month term keeps monthly payments low at $21.74, but you'll pay $304.55 in total interest at 11%. Consider making extra payments when possible to cut the term and save on interest.
Other Terms for a $1,000 Loan
Other Amounts for a 60-Month Loan
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