Loan payment chart: monthly payment per $1,000 borrowed
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A 5-year loan at 8% costs $20.28 a month for every $1,000 borrowed, so a $15,000 loan is about $304.15 a month. Find your rate and term in the table, then multiply by your loan amount divided by 1,000.
How to read these tables
- Choose your annual interest rate (APR) in the left column and the loan length in months across the top.
- Read the monthly payment per $1,000 borrowed.
- Multiply by your loan amount divided by 1,000. For $18,000 at 8% over 60 months: 18 × $20.28 = $364.98.
- Multiply the payment by the number of months and subtract the loan to see the total interest.
Monthly payment per $1,000 borrowed (fixed rate, equal payments)
| APR | 12 months | 24 months | 36 months | 48 months | 60 months | 72 months | 84 months |
|---|---|---|---|---|---|---|---|
| 4% | $85.15 | $43.42 | $29.52 | $22.58 | $18.42 | $15.65 | $13.67 |
| 5% | $85.61 | $43.87 | $29.97 | $23.03 | $18.87 | $16.10 | $14.13 |
| 6% | $86.07 | $44.32 | $30.42 | $23.49 | $19.33 | $16.57 | $14.61 |
| 7% | $86.53 | $44.77 | $30.88 | $23.95 | $19.80 | $17.05 | $15.09 |
| 8% | $86.99 | $45.23 | $31.34 | $24.41 | $20.28 | $17.53 | $15.59 |
| 9% | $87.45 | $45.68 | $31.80 | $24.89 | $20.76 | $18.03 | $16.09 |
| 10% | $87.92 | $46.14 | $32.27 | $25.36 | $21.25 | $18.53 | $16.60 |
| 12% | $88.85 | $47.07 | $33.21 | $26.33 | $22.24 | $19.55 | $17.65 |
| 14% | $89.79 | $48.01 | $34.18 | $27.33 | $23.27 | $20.61 | $18.74 |
| 16% | $90.73 | $48.96 | $35.16 | $28.34 | $24.32 | $21.69 | $19.86 |
| 18% | $91.68 | $49.92 | $36.15 | $29.37 | $25.39 | $22.81 | $21.02 |
| 20% | $92.63 | $50.90 | $37.16 | $30.43 | $26.49 | $23.95 | $22.21 |
Method and assumptions
Formula. Payment = L × r × (1 + r)^n ÷ ((1 + r)^n − 1), where L is the loan amount, r is the monthly interest rate (annual rate ÷ 12) and n is the number of monthly payments. Each cell uses L = 1,000, so multiply by your loan amount ÷ 1,000.
Assumptions. A fixed-rate loan with equal monthly payments at the end of each month. Lenders may add origination fees or insurance, which change the true cost.
Every figure on this page is generated by the same functions that power our calculators, and our automated tests compare a sample of cells with published reference values. You may quote or reuse the tables if you link back to this page.
Frequently asked questions
How do I calculate a loan payment from this chart?
Take the figure for your APR and term, then multiply it by the loan amount divided by 1,000. For a $12,000 loan, multiply the chart figure by 12.
How does a longer term change the payment?
It lowers the monthly payment but raises the total interest. At 8%, $1,000 over 36 months costs $31.34 a month and $128.11 in interest, while over 84 months it costs $15.59 a month and $309.24 in interest.
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