A $10,000 personal loan at 10% interest for 5 years has a monthly payment of $212. Over the life of the loan, you will pay $2,748 in total interest, making the total cost $12,748.

Key Numbers

• •Monthly payment: $212
• •Total interest over 5 years: $2,748
• •Total cost of the loan: $12,748
• •A 3-year term costs $323/month but saves $1,132 in interest