Monthly Payment on a $1,500 Loan at 8% APR for 6 Months
A $1,500 loan at 8% APR repaid over 6 months has a monthly payment of $255.87. Over the full 6 months term you'd pay $35.19 in total interest, bringing the total cost of the loan to $1,535.19. 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
$255.87
at 8% APR
Total Interest
$35.19
over 6 months
Total Cost
$1,535.19
principal + interest
Loan Summary
$1,500 · 8% APR · 6 months
| Loan amount | $1,500 |
| Interest rate (APR) | 8% |
| Term | 6 months |
| Monthly payment | $255.87 |
| Total interest paid | $35.19 |
| Total cost of loan | $1,535.19 |
Loan Calculator
Monthly Payment
$255.87
Total Paid
$1,535.19
Total Interest
$35.19
$1,500 at 8% APR · 6-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 8% APR for 6 months?
The monthly payment on a $1,500 loan at 8% APR over 6 months is $255.87. 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 6 months, you'll pay $35.19 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,535.19.
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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