Monthly Payment on a $2,000 Loan at 20% APR for 60 Months
A $2,000 loan at 20% APR repaid over 60 months has a monthly payment of $52.99. Over the full 60 months (5 years) term you'd pay $1,179.27 in total interest, bringing the total cost of the loan to $3,179.27. 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
$52.99
at 20% APR
Total Interest
$1,179.27
over 60 months
Total Cost
$3,179.27
principal + interest
Loan Summary
$2,000 · 20% APR · 60 months
| Loan amount | $2,000 |
| Interest rate (APR) | 20% |
| Term | 60 months (5 years) |
| Monthly payment | $52.99 |
| Total interest paid | $1,179.27 |
| Total cost of loan | $3,179.27 |
Loan Calculator
Monthly Payment
$52.99
Total Paid
$3,179.27
Total Interest
$1,179.27
$2,000 at 20% APR · 60-Month Loan FAQs
What is the monthly payment on a $2,000 loan at 20% APR for 60 months?
The monthly payment on a $2,000 loan at 20% APR over 60 months is $52.99. 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 $2,000 loan?
At 20% APR over 60 months, you'll pay $1,179.27 in total interest on a $2,000 loan. Combined with the $2,000 you borrowed, the total amount repaid is $3,179.27.
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.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator