Monthly Payment on a $1,000 Loan at 24% APR for 60 Months
A $1,000 loan at 24% APR repaid over 60 months has a monthly payment of $28.77. Over the full 60 months (5 years) term you'd pay $726.08 in total interest, bringing the total cost of the loan to $1,726.08. A 24% APR is typical for borrowers with poor or building credit (below 630). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$28.77
at 24% APR
Total Interest
$726.08
over 60 months
Total Cost
$1,726.08
principal + interest
Loan Summary
$1,000 · 24% APR · 60 months
| Loan amount | $1,000 |
| Interest rate (APR) | 24% |
| Term | 60 months (5 years) |
| Monthly payment | $28.77 |
| Total interest paid | $726.08 |
| Total cost of loan | $1,726.08 |
Loan Calculator
Monthly Payment
$28.77
Total Paid
$1,726.08
Total Interest
$726.08
$1,000 at 24% APR · 60-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 24% APR for 60 months?
The monthly payment on a $1,000 loan at 24% APR over 60 months is $28.77. 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 24% APR over 60 months, you'll pay $726.08 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,726.08.
Is 24% a good APR for a personal loan?
A 24% APR is generally available to borrowers with poor or building credit (below 630). This is on the higher end. Shopping multiple lenders, reducing your debt-to-income ratio, or improving your credit before applying can lower your rate substantially.
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