Monthly Payment on a $1,500 Loan at 20% APR for 6 Months
A $1,500 loan at 20% APR repaid over 6 months has a monthly payment of $264.78. Over the full 6 months term you'd pay $88.71 in total interest, bringing the total cost of the loan to $1,588.71. 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
$264.78
at 20% APR
Total Interest
$88.71
over 6 months
Total Cost
$1,588.71
principal + interest
Loan Summary
$1,500 · 20% APR · 6 months
| Loan amount | $1,500 |
| Interest rate (APR) | 20% |
| Term | 6 months |
| Monthly payment | $264.78 |
| Total interest paid | $88.71 |
| Total cost of loan | $1,588.71 |
Loan Calculator
Monthly Payment
$264.78
Total Paid
$1,588.71
Total Interest
$88.71
$1,500 at 20% APR · 6-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 20% APR for 6 months?
The monthly payment on a $1,500 loan at 20% APR over 6 months is $264.78. 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 20% APR over 6 months, you'll pay $88.71 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,588.71.
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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