Monthly Payment on a $1,000 Loan at 11% APR for 60 Months
A $1,000 loan at 11% APR repaid over 60 months has a monthly payment of $21.74. Over the full 60 months (5 years) term you'd pay $304.55 in total interest, bringing the total cost of the loan to $1,304.55. A 11% APR is typical for borrowers with good credit (690+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$21.74
at 11% APR
Total Interest
$304.55
over 60 months
Total Cost
$1,304.55
principal + interest
Loan Summary
$1,000 · 11% APR · 60 months
| Loan amount | $1,000 |
| Interest rate (APR) | 11% |
| Term | 60 months (5 years) |
| Monthly payment | $21.74 |
| Total interest paid | $304.55 |
| Total cost of loan | $1,304.55 |
Loan Calculator
Monthly Payment
$21.74
Total Paid
$1,304.55
Total Interest
$304.55
$1,000 at 11% APR · 60-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 11% APR for 60 months?
The monthly payment on a $1,000 loan at 11% APR over 60 months is $21.74. 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 11% APR over 60 months, you'll pay $304.55 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,304.55.
Is 11% a good APR for a personal loan?
A 11% APR is generally available to borrowers with good credit (690+). 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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