Why use payment per $1,000?

It gives a quick way to scale payments for any loan amount without re-running the full amortization each time.

Does this include taxes, insurance, or PMI?

No. It’s principal and interest only. Add rough estimates for taxes/insurance/PMI separately if you want a full payment.

Is this exact or approximate?

The per-$1,000 value is exact for a $1,000 principal with the given rate/term. Scaling to other loan amounts is approximate but very close.

Can I use this for auto or personal loans?

Yes, as long as they are fixed-rate, fully amortizing loans. Just input the correct APR and term.

finance calculator

Payment per $1,000 Borrowed

Find the monthly payment per $1,000 of loan at a given rate and term to quickly size payments for any loan amount.

Results

Monthly payment per $1,000: $7

How to use this calculator

Enter interest rate and term.
See the payment per $1,000 borrowed.
Multiply by your loan amount (in thousands) for a quick payment estimate.
Optionally round up the per-$1,000 figure to stay conservative in budgeting.

Inputs explained

Interest rate: Annual percentage rate (APR) for the loan.
Term: Length of the loan in years (e.g., 15, 20, 30).

How it works

Uses the standard amortization formula with a $1,000 principal to produce the per-$1,000 monthly payment.

Payment for any balance ≈ (payment per $1,000) × (loan amount ÷ 1,000).

Formula

Monthly rate r = APR ÷ 12. Payments n = termYears × 12. Payment per $1,000 = 1000 × [r(1+r)^n] ÷ [(1+r)^n − 1].

When to use it

Quickly pricing payments for various loan amounts without running a full amortization each time.
Creating a payment table for clients or comparisons.
Back-of-the-envelope affordability checks when house or loan shopping.
Comparing multiple loan offers (different rates/terms) on a per-$1,000 basis.
Teaching how rate and term affect payment size using a simple table.

Tips & cautions

For exact payments, run the full loan amount; this tool is for quick estimates.
Round up the per-$1,000 figure for a conservative estimate.
If including taxes/insurance/PMI in your mental payment, add a rough per-$1,000 extra on top.
Use this to construct a payment-per-$1,000 table (e.g., 4–9% across 15–30 years) for fast lookups.
Assumes fixed-rate, fully amortizing loan with monthly payments.
Ignores taxes, insurance, PMI, and fees.
Not suitable for interest-only, balloon, or ARM structures without additional modeling.
Small differences from lender quotes can arise due to rounding or additional costs.

Worked examples

30-year mortgage at 7%

APR 7%; term 30 years.
Payment per $1,000 ≈ $6.65/month.
A $300,000 loan ≈ 300 × $6.65 ≈ $1,995/month (principal & interest).

15-year loan at 5%

APR 5%; term 15 years.
Payment per $1,000 ≈ $7.91/month.
$200,000 loan ≈ 200 × $7.91 ≈ $1,582/month.

Comparing two offers

Offer A: 6.5% for 30 years → per $1,000 ≈ $6.32.
Offer B: 6.0% for 30 years → per $1,000 ≈ $6.00.
On a $400,000 loan, B saves ≈ $128/month in principal & interest.

Deep dive

Find the monthly payment per $1,000 borrowed for any rate and term to quickly estimate loan payments.

Enter rate and term to get a per-$1,000 payment you can scale to any loan amount.

Build quick payment-per-$1,000 tables for mortgages, auto loans, or personal loans.

Use this per-$1,000 payment as a mental shortcut when evaluating house prices or loan offers.

FAQs

Why use payment per $1,000?: It gives a quick way to scale payments for any loan amount without re-running the full amortization each time.
Does this include taxes, insurance, or PMI?: No. It’s principal and interest only. Add rough estimates for taxes/insurance/PMI separately if you want a full payment.
Is this exact or approximate?: The per-$1,000 value is exact for a $1,000 principal with the given rate/term. Scaling to other loan amounts is approximate but very close.
Can I use this for auto or personal loans?: Yes, as long as they are fixed-rate, fully amortizing loans. Just input the correct APR and term.

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Payment per $1,000 is a quick estimation tool. It ignores taxes, insurance, PMI, fees, and non-standard amortization structures. Use lender quotes for exact payments and consult a professional before making borrowing decisions.