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A $20,000 personal loan at 12% APR over 3 years costs $664 a month.
Borrowing $20,000 at 12% APR over 3 years works out to $664 a month. You repay $23,914 in total, of which $3,914 is interest. Stretching the same loan to 5 years drops the payment to $445 but pushes total interest to $6,693.
The calculator below is set to a $20,000 loan at 12% APR over 3 years with no origination fee. Change the rate to the one your lender quoted, add an origination fee if there is one, and the effective APR and full amortization schedule update instantly.
Payment, Fee & Effective APR
Payment
Effective APR (True Cost): 10.59% · Net Amount Received: $9,700
Cost Breakdown
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At 12% APR with no origination fee.
| Loan term | Monthly payment | Total interest |
|---|---|---|
| 2 years | $941 | $2,595 |
| 3 years | $664 | $3,914 |
| 4 years | $527 | $5,280 |
| 5 years | $445 | $6,693 |
| 7 years | $353 | $9,657 |
Loan amounts