Monthly Payment on a $12,000 Loan at 8% APR for 60 Months
A $12,000 loan at 8% APR repaid over 60 months has a monthly payment of $243.32. Over the full 60 months (5 years) term you'd pay $2,599.00 in total interest, bringing the total cost of the loan to $14,599.00. A 8% APR is typical for borrowers with very good credit (720+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$243.32
at 8% APR
Total Interest
$2,599.00
over 60 months
Total Cost
$14,599.00
principal + interest
Loan Summary
$12,000 · 8% APR · 60 months
| Loan amount | $12,000 |
| Interest rate (APR) | 8% |
| Term | 60 months (5 years) |
| Monthly payment | $243.32 |
| Total interest paid | $2,599.00 |
| Total cost of loan | $14,599.00 |
Loan Calculator
Monthly Payment
$243.32
Total Paid
$14,599.00
Total Interest
$2,599.00
$12,000 at 8% APR · 60-Month Loan FAQs
What is the monthly payment on a $12,000 loan at 8% APR for 60 months?
The monthly payment on a $12,000 loan at 8% APR over 60 months is $243.32. 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 8% APR over 60 months, you'll pay $2,599.00 in total interest on a $12,000 loan. Combined with the $12,000 you borrowed, the total amount repaid is $14,599.00.
Is 8% a good APR for a personal loan?
A 8% APR is generally available to borrowers with very good credit (720+). This is among the lower rates lenders offer and reflects strong creditworthiness.
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