Monthly Payment on a $500 Loan at 5% APR for 18 Months
A $500 loan at 5% APR repaid over 18 months has a monthly payment of $28.89. Over the full 18 months (1.5 years) term you'd pay $20.02 in total interest, bringing the total cost of the loan to $520.02. 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
$28.89
at 5% APR
Total Interest
$20.02
over 18 months
Total Cost
$520.02
principal + interest
Loan Summary
$500 · 5% APR · 18 months
| Loan amount | $500 |
| Interest rate (APR) | 5% |
| Term | 18 months (1.5 years) |
| Monthly payment | $28.89 |
| Total interest paid | $20.02 |
| Total cost of loan | $520.02 |
Loan Calculator
Monthly Payment
$28.89
Total Paid
$520.02
Total Interest
$20.02
$500 at 5% APR · 18-Month Loan FAQs
What is the monthly payment on a $500 loan at 5% APR for 18 months?
The monthly payment on a $500 loan at 5% APR over 18 months is $28.89. 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 $500 loan?
At 5% APR over 18 months, you'll pay $20.02 in total interest on a $500 loan. Combined with the $500 you borrowed, the total amount repaid is $520.02.
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.
Same Loan at a Different APR
Explore This Loan Further
Related tools:
Loan Calculator Debt Payoff Calculator Compound Interest Calculator