Monthly Payment on a $40,000 Loan at 24% APR for 60 Months
A $40,000 loan at 24% APR repaid over 60 months has a monthly payment of $1,150.72. Over the full 60 months (5 years) term you'd pay $29,043.12 in total interest, bringing the total cost of the loan to $69,043.12. A 24% 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
$1,150.72
at 24% APR
Total Interest
$29,043.12
over 60 months
Total Cost
$69,043.12
principal + interest
Loan Summary
$40,000 · 24% APR · 60 months
| Loan amount | $40,000 |
| Interest rate (APR) | 24% |
| Term | 60 months (5 years) |
| Monthly payment | $1,150.72 |
| Total interest paid | $29,043.12 |
| Total cost of loan | $69,043.12 |
Loan Calculator
Monthly Payment
$1,150.72
Total Paid
$69,043.12
Total Interest
$29,043.12
$40,000 at 24% APR · 60-Month Loan FAQs
What is the monthly payment on a $40,000 loan at 24% APR for 60 months?
The monthly payment on a $40,000 loan at 24% APR over 60 months is $1,150.72. 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 $40,000 loan?
At 24% APR over 60 months, you'll pay $29,043.12 in total interest on a $40,000 loan. Combined with the $40,000 you borrowed, the total amount repaid is $69,043.12.
Is 24% a good APR for a personal loan?
A 24% 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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