On a $15,000, 36-month loan, total interest runs from $1,428 at a 6% APR to $7,924 at 30%. The monthly payment goes from $456.33 to $636.77.
Cost by APR
| APR | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 6% | $456.33 | $1,428 | $16,428 |
| 9% | $477.00 | $2,172 | $17,172 |
| 12% | $498.21 | $2,936 | $17,936 |
| 15% | $519.98 | $3,719 | $18,719 |
| 18% | $542.29 | $4,522 | $19,522 |
| 24% | $588.49 | $6,186 | $21,186 |
| 30% | $636.77 | $7,924 | $22,924 |
Notice that interest does not rise in a straight line with APR. It accelerates, so the gap from 24% to 30% is larger in dollars than the gap from 6% to 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 is a good APR?
It is relative to your credit and the market. Compare offers rather than aiming for a fixed number.
Estimates for general education, not financial, tax or legal advice. Real results depend on your lender, employer, tax situation and location. See the disclaimer.