A $10,000 personal loan at 12% APR costs $332.14 a month over 36 months, with $1,957 of total interest. Stretching it to 60 months lowers the payment to $222.44 but raises interest to $3,347.
Monthly payment
| Term | 8% APR | 12% APR | 18% APR |
|---|---|---|---|
| 12 months | $869.88 | $888.49 | $916.80 |
| 24 months | $452.27 | $470.73 | $499.24 |
| 36 months | $313.36 | $332.14 | $361.52 |
| 48 months | $244.13 | $263.34 | $293.75 |
| 60 months | $202.76 | $222.44 | $253.93 |
| 84 months | $155.86 | $176.53 | $210.18 |
Total interest
| Term | 8% APR | 12% APR | 18% APR |
|---|---|---|---|
| 12 months | $439 | $662 | $1,002 |
| 24 months | $855 | $1,298 | $1,982 |
| 36 months | $1,281 | $1,957 | $3,015 |
| 48 months | $1,718 | $2,640 | $4,100 |
| 60 months | $2,166 | $3,347 | $5,236 |
| 84 months | $3,092 | $4,828 | $7,655 |
Read down a column to see the cost of time, and across a row to see the cost of the rate. On $10,000, moving from 8% to 18% over 36 months adds $1,734 of interest.
Picking a term
Choose the shortest term whose payment fits your budget with room to spare. A payment that is $109.70 lower per month at 60 months costs $1,390 more in interest than 36 months at 12%.
What we assumed
- Fixed APR and equal monthly payments; no late fees.
- Origination fees are zero unless the post says otherwise.
Related calculators: Personal Loan Calculator, Credit Card Payoff Calculator.
Questions people ask
What APR will I qualify for?
It depends on credit score, income, debts and the lender. Offers for borrowers with strong credit can be well below 12%, while weaker credit can run higher than 18%. Prequalify with several lenders to see real quotes.
Does an origination fee change the cost?
Yes. A fee is deducted from the funds you receive, so the effective cost is higher than the stated APR on the amount you actually get.
Estimates for general education, not financial, tax or legal advice. Real results depend on your lender, employer, tax situation and location. See the disclaimer.