Monthly Payment on a $5,000 Loan at 28% APR for 12 Months
A $5,000 loan at 28% APR repaid over 12 months has a monthly payment of $482.53. Over the full 12 months (1 year) term you'd pay $790.36 in total interest, bringing the total cost of the loan to $5,790.36. A 28% 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
$482.53
at 28% APR
Total Interest
$790.36
over 12 months
Total Cost
$5,790.36
principal + interest
Loan Summary
$5,000 · 28% APR · 12 months
| Loan amount | $5,000 |
| Interest rate (APR) | 28% |
| Term | 12 months (1 year) |
| Monthly payment | $482.53 |
| Total interest paid | $790.36 |
| Total cost of loan | $5,790.36 |
Loan Calculator
Monthly Payment
$482.53
Total Paid
$5,790.36
Total Interest
$790.36
$5,000 at 28% APR · 12-Month Loan FAQs
What is the monthly payment on a $5,000 loan at 28% APR for 12 months?
The monthly payment on a $5,000 loan at 28% APR over 12 months is $482.53. 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 $5,000 loan?
At 28% APR over 12 months, you'll pay $790.36 in total interest on a $5,000 loan. Combined with the $5,000 you borrowed, the total amount repaid is $5,790.36.
Is 28% a good APR for a personal loan?
A 28% 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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