Monthly Payment on a $20,000 Loan at 5% APR for 24 Months
A $20,000 loan at 5% APR repaid over 24 months has a monthly payment of $877.43. Over the full 24 months (2 years) term you'd pay $1,058.27 in total interest, bringing the total cost of the loan to $21,058.27. A 5% APR is typical for borrowers with excellent credit (760+). Adjust the figures in the calculator below to see how a different rate, amount, or term changes your payment.
Monthly Payment
$877.43
at 5% APR
Total Interest
$1,058.27
over 24 months
Total Cost
$21,058.27
principal + interest
Loan Summary
$20,000 · 5% APR · 24 months
| Loan amount | $20,000 |
| Interest rate (APR) | 5% |
| Term | 24 months (2 years) |
| Monthly payment | $877.43 |
| Total interest paid | $1,058.27 |
| Total cost of loan | $21,058.27 |
Loan Calculator
Monthly Payment
$877.43
Total Paid
$21,058.27
Total Interest
$1,058.27
$20,000 at 5% APR · 24-Month Loan FAQs
What is the monthly payment on a $20,000 loan at 5% APR for 24 months?
The monthly payment on a $20,000 loan at 5% APR over 24 months is $877.43. 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 $20,000 loan?
At 5% APR over 24 months, you'll pay $1,058.27 in total interest on a $20,000 loan. Combined with the $20,000 you borrowed, the total amount repaid is $21,058.27.
Is 5% a good APR for a personal loan?
A 5% APR is generally available to borrowers with excellent credit (760+). This is among the lower rates lenders offer and reflects strong creditworthiness.
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