A $15,000 personal loan at 12% interest for 5 years has a monthly payment of $334. Over the life of the loan, you will pay $5,020 in total interest, making the total cost $20,020.

Key Numbers

• •Monthly payment: $334
• •Total interest over 5 years: $5,020
• •Total cost of the loan: $20,020
• •A 3-year term costs $498/month but saves $2,084 in interest