Monthly Payment on a $1,500 Loan at 6% APR for 12 Months
A $1,500 loan at 6% APR repaid over 12 months has a monthly payment of $129.10. Over the full 12 months (1 year) term you'd pay $49.20 in total interest, bringing the total cost of the loan to $1,549.20. A 6% 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
$129.10
at 6% APR
Total Interest
$49.20
over 12 months
Total Cost
$1,549.20
principal + interest
Loan Summary
$1,500 · 6% APR · 12 months
| Loan amount | $1,500 |
| Interest rate (APR) | 6% |
| Term | 12 months (1 year) |
| Monthly payment | $129.10 |
| Total interest paid | $49.20 |
| Total cost of loan | $1,549.20 |
Loan Calculator
Monthly Payment
$129.10
Total Paid
$1,549.20
Total Interest
$49.20
$1,500 at 6% APR · 12-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 6% APR for 12 months?
The monthly payment on a $1,500 loan at 6% APR over 12 months is $129.10. 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 $1,500 loan?
At 6% APR over 12 months, you'll pay $49.20 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,549.20.
Is 6% a good APR for a personal loan?
A 6% APR is generally available to borrowers with excellent credit (760+). This is among the lower rates lenders offer and reflects strong creditworthiness.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator