$1,000 Loan Calculator — 24 Month Term
At the average personal loan rate of 11%, a $1,000 loan over 24 months costs $46.61/month with $118.59 in total interest. Use the calculator below or compare rates across all credit tiers.
Monthly Payment
$46.61
at 11% APR
Total Interest
$118.59
at 11% APR
Total Paid
$1,118.59
over 24 months
Payment Comparison by Credit Score
$1,000 loan · 24 months
| Credit Tier | APR | Monthly | Total Interest | Total Paid |
|---|---|---|---|---|
| Excellent (760+) | 5% | $43.87 | $52.91 | $1,052.91 |
| Very Good (720+) | 7% | $44.77 | $74.54 | $1,074.54 |
| Good (690+) | 10% | $46.14 | $107.48 | $1,107.48 |
| Fair (660+) | 13% | $47.54 | $141.00 | $1,141.00 |
| Poor (620+) | 17% | $49.44 | $186.61 | $1,186.61 |
| Bad (<620) | 21% | $51.39 | $233.26 | $1,233.26 |
Loan Calculator
Monthly Payment
$46.61
Total Paid
$1,118.59
Total Interest
$118.59
$1,000 · 24-Month Loan FAQs
What is the monthly payment on a $1,000 loan for 24 months?
At the national average rate of 11%, your monthly payment on a $1,000, 24-month loan is approximately $46.61. Over the life of the loan you'd pay $118.59 in interest for a total of $1,118.59.
How does the term length affect my $1,000 loan payment?
A shorter term means higher monthly payments but less total interest. For $1,000: a 12-month loan at 11% costs $88.38/mo, while a 60-month loan costs $21.74/mo but you'd pay $243.97 more in total interest.
What credit score do I need for a $1,000 personal loan?
For a $1,000 personal loan, most lenders require a minimum score of 580–620. Borrowers with scores above 720 qualify for the best rates (around 5–7%), while scores below 620 may face rates of 20%+.
Is 24 months a good term for a $1,000 loan?
A 24-month term keeps total interest costs low — you'd pay only $118.59 at 11% — but the monthly payment of $46.61 is higher. This is ideal if you can comfortably afford the payment and want to get out of debt quickly.
Other Terms for a $1,000 Loan
Other Amounts for a 24-Month Loan
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