Personal Loan Term Comparison Table ($15,000 Loan @ 10.5% APR)
| Loan Term | Monthly Payment | Total Repayment | Total Interest Paid |
|---|---|---|---|
| 24 Months (2 Yrs) | $695.59 | $16,694 | $1,694 |
| 36 Months (3 Yrs) | $487.52 | $17,551 | $2,551 |
| 48 Months (4 Yrs) | $384.09 | $18,436 | $3,436 |
| 60 Months (5 Yrs) | $322.42 | $19,345 | $4,345 |
Frequently Asked Questions
What is a personal loan?
A personal loan is an unsecured fixed-rate loan provided by banks, credit unions, or online lenders that is repaid in fixed monthly installments over a set period.
How does the loan term affect my monthly payment and total interest?
A shorter loan term results in higher monthly payments but significantly lower total interest. A longer term lowers monthly payments but increases total interest paid over the life of the loan.