Monthly Payment on a $1,500 Loan at 8% APR for 12 Months
A $1,500 loan at 8% APR repaid over 12 months has a monthly payment of $130.48. Over the full 12 months (1 year) term you'd pay $65.79 in total interest, bringing the total cost of the loan to $1,565.79. 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
$130.48
at 8% APR
Total Interest
$65.79
over 12 months
Total Cost
$1,565.79
principal + interest
Loan Summary
$1,500 · 8% APR · 12 months
| Loan amount | $1,500 |
| Interest rate (APR) | 8% |
| Term | 12 months (1 year) |
| Monthly payment | $130.48 |
| Total interest paid | $65.79 |
| Total cost of loan | $1,565.79 |
Loan Calculator
Monthly Payment
$130.48
Total Paid
$1,565.79
Total Interest
$65.79
$1,500 at 8% APR · 12-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 8% APR for 12 months?
The monthly payment on a $1,500 loan at 8% APR over 12 months is $130.48. 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 8% APR over 12 months, you'll pay $65.79 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,565.79.
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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