A $15,000 personal loan at 10% interest for 5 years has a monthly payment of $319. Over the life of the loan, you will pay $4,122 in total interest, making the total cost $19,122.

Key Numbers

• •Monthly payment: $319
• •Total interest over 5 years: $4,122
• •Total cost of the loan: $19,122
• •A 3-year term costs $484/month but saves $1,698 in interest