Monthly Payment on a $12,000 Loan at 20% APR for 60 Months
A $12,000 loan at 20% APR repaid over 60 months has a monthly payment of $317.93. Over the full 60 months (5 years) term you'd pay $7,075.60 in total interest, bringing the total cost of the loan to $19,075.60. A 20% 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
$317.93
at 20% APR
Total Interest
$7,075.60
over 60 months
Total Cost
$19,075.60
principal + interest
Loan Summary
$12,000 · 20% APR · 60 months
| Loan amount | $12,000 |
| Interest rate (APR) | 20% |
| Term | 60 months (5 years) |
| Monthly payment | $317.93 |
| Total interest paid | $7,075.60 |
| Total cost of loan | $19,075.60 |
Loan Calculator
Monthly Payment
$317.93
Total Paid
$19,075.60
Total Interest
$7,075.60
$12,000 at 20% APR · 60-Month Loan FAQs
What is the monthly payment on a $12,000 loan at 20% APR for 60 months?
The monthly payment on a $12,000 loan at 20% APR over 60 months is $317.93. 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 $12,000 loan?
At 20% APR over 60 months, you'll pay $7,075.60 in total interest on a $12,000 loan. Combined with the $12,000 you borrowed, the total amount repaid is $19,075.60.
Is 20% a good APR for a personal loan?
A 20% 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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