What does this loan really cost?
Personal, student, debt consolidation — anything that isn't a mortgage or auto. We tell you the monthly hit, the lifetime interest, and how much each $1k actually costs.
01The loan
$
%
mo
5 years
02 · Monthly payment
What you'll owe each month
$500.95
60 months · 7.50% APR · total $30.1k
Total interest paid
$5.1k
Total paid
$30.1k
Effective APR
7.76%
Cost ratio
20.2%
The real cost
Every $1,000 you borrow at 7.5% over 60 months costs you $202 in interest.
You'll pay 20¢ of interest per $1 borrowed. Cutting the term to 24 months would drop interest by ~$3,057.
03 · Amortization
The interest-heavy front loads first
Remaining balance vs cumulative interest
Balance
Cum. interest
Principal
Interest
04 · Scenarios
Pay more, finish sooner, save interest
If you add an extra payment each month…
Base payment $501/mo · 60 months · $5.1k interest
+$25/mo
−3 mo
paid off sooner
Interest saved
$299
+$50/mo
−6 mo
paid off sooner
Interest saved
$564
+$100/mo
−11 mo
paid off sooner
Interest saved
$1.0k
+$200/mo
−19 mo
paid off sooner
Interest saved
$1.7k
+$200/mo is the sweet spot — finishes 19 months early and saves $1.7k.
Same loan, same rate — different term
$25.0k @ 7.5% APR · the term you pick changes everything
48 mo
$604/mo
Total interest
$4.0k
−$1.0k vs yours
60 moYOUR PICK
$501/mo
Total interest
$5.1k
72 mo
$432/mo
Total interest
$6.1k
+$1.1k vs yours
84 mo
$383/mo
Total interest
$7.2k
+$2.2k vs yours
Where the payment lives
Budget — fit the $501
A loan payment is a monthly category. See if the budget has room before signing.
Open ↗If this is for consolidation
Debt payoff plan
Consolidating? Compare this loan against attacking the individual debts with Avalanche or Snowball.
Open ↗Save your work