A $30,000 personal loan at 12% interest for 5 years has a monthly payment of $667. Over the life of the loan, you will pay $10,040 in total interest, making the total cost $40,040.

Key Numbers

• •Monthly payment: $667
• •Total interest over 5 years: $10,040
• •Total cost of the loan: $40,040
• •A 3-year term costs $996/month but saves $4,169 in interest