A $30,000 personal loan at 10% interest for 5 years has a monthly payment of $637. Over the life of the loan, you will pay $8,245 in total interest, making the total cost $38,245.

Key Numbers

• •Monthly payment: $637
• •Total interest over 5 years: $8,245
• •Total cost of the loan: $38,245
• •A 3-year term costs $968/month but saves $3,396 in interest