Monthly Payment on a $1,500 Loan at 8% APR for 60 Months
A $1,500 loan at 8% APR repaid over 60 months has a monthly payment of $30.41. Over the full 60 months (5 years) term you'd pay $324.88 in total interest, bringing the total cost of the loan to $1,824.88. 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
$30.41
at 8% APR
Total Interest
$324.88
over 60 months
Total Cost
$1,824.88
principal + interest
Loan Summary
$1,500 · 8% APR · 60 months
| Loan amount | $1,500 |
| Interest rate (APR) | 8% |
| Term | 60 months (5 years) |
| Monthly payment | $30.41 |
| Total interest paid | $324.88 |
| Total cost of loan | $1,824.88 |
Loan Calculator
Monthly Payment
$30.41
Total Paid
$1,824.88
Total Interest
$324.88
$1,500 at 8% APR · 60-Month Loan FAQs
What is the monthly payment on a $1,500 loan at 8% APR for 60 months?
The monthly payment on a $1,500 loan at 8% APR over 60 months is $30.41. 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 60 months, you'll pay $324.88 in total interest on a $1,500 loan. Combined with the $1,500 you borrowed, the total amount repaid is $1,824.88.
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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