A $30,000 personal loan at 8% interest for 5 years has a monthly payment of $608. Over the life of the loan, you will pay $6,498 in total interest, making the total cost $36,498.

Key Numbers

• •Monthly payment: $608
• •Total interest over 5 years: $6,498
• •Total cost of the loan: $36,498
• •A 3-year term costs $940/month but saves $2,654 in interest