$1,000 Loan Calculator — 12 Month Term
At the average personal loan rate of 11%, a $1,000 loan over 12 months costs $88.38/month with $60.58 in total interest. Use the calculator below or compare rates across all credit tiers.
Monthly Payment
$88.38
at 11% APR
Total Interest
$60.58
at 11% APR
Total Paid
$1,060.58
over 12 months
Payment Comparison by Credit Score
$1,000 loan · 12 months
| Credit Tier | APR | Monthly | Total Interest | Total Paid |
|---|---|---|---|---|
| Excellent (760+) | 5% | $85.61 | $27.29 | $1,027.29 |
| Very Good (720+) | 7% | $86.53 | $38.32 | $1,038.32 |
| Good (690+) | 10% | $87.92 | $54.99 | $1,054.99 |
| Fair (660+) | 13% | $89.32 | $71.81 | $1,071.81 |
| Poor (620+) | 17% | $91.20 | $94.46 | $1,094.46 |
| Bad (<620) | 21% | $93.11 | $117.37 | $1,117.37 |
Loan Calculator
Monthly Payment
$88.38
Total Paid
$1,060.58
Total Interest
$60.58
$1,000 · 12-Month Loan FAQs
What is the monthly payment on a $1,000 loan for 12 months?
At the national average rate of 11%, your monthly payment on a $1,000, 12-month loan is approximately $88.38. Over the life of the loan you'd pay $60.58 in interest for a total of $1,060.58.
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 12 months a good term for a $1,000 loan?
A 12-month term keeps total interest costs low — you'd pay only $60.58 at 11% — but the monthly payment of $88.38 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 12-Month Loan
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