Monthly Payment on a $1,000 Loan at 5% APR for 60 Months
A $1,000 loan at 5% APR repaid over 60 months has a monthly payment of $18.87. Over the full 60 months (5 years) term you'd pay $132.27 in total interest, bringing the total cost of the loan to $1,132.27. A 5% 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
$18.87
at 5% APR
Total Interest
$132.27
over 60 months
Total Cost
$1,132.27
principal + interest
Loan Summary
$1,000 · 5% APR · 60 months
| Loan amount | $1,000 |
| Interest rate (APR) | 5% |
| Term | 60 months (5 years) |
| Monthly payment | $18.87 |
| Total interest paid | $132.27 |
| Total cost of loan | $1,132.27 |
Loan Calculator
Monthly Payment
$18.87
Total Paid
$1,132.27
Total Interest
$132.27
$1,000 at 5% APR · 60-Month Loan FAQs
What is the monthly payment on a $1,000 loan at 5% APR for 60 months?
The monthly payment on a $1,000 loan at 5% APR over 60 months is $18.87. 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 5% APR over 60 months, you'll pay $132.27 in total interest on a $1,000 loan. Combined with the $1,000 you borrowed, the total amount repaid is $1,132.27.
Is 5% a good APR for a personal loan?
A 5% 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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