Monthly Payment on a $6,000 Loan at 5% APR for 24 Months
A $6,000 loan at 5% APR repaid over 24 months has a monthly payment of $263.23. Over the full 24 months (2 years) term you'd pay $317.48 in total interest, bringing the total cost of the loan to $6,317.48. 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
$263.23
at 5% APR
Total Interest
$317.48
over 24 months
Total Cost
$6,317.48
principal + interest
Loan Summary
$6,000 · 5% APR · 24 months
| Loan amount | $6,000 |
| Interest rate (APR) | 5% |
| Term | 24 months (2 years) |
| Monthly payment | $263.23 |
| Total interest paid | $317.48 |
| Total cost of loan | $6,317.48 |
Loan Calculator
Monthly Payment
$263.23
Total Paid
$6,317.48
Total Interest
$317.48
$6,000 at 5% APR · 24-Month Loan FAQs
What is the monthly payment on a $6,000 loan at 5% APR for 24 months?
The monthly payment on a $6,000 loan at 5% APR over 24 months is $263.23. 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 $6,000 loan?
At 5% APR over 24 months, you'll pay $317.48 in total interest on a $6,000 loan. Combined with the $6,000 you borrowed, the total amount repaid is $6,317.48.
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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