Monthly payment comparison
Each row is one repayment option, from a 1-year term to a 7-year term.
A shorter term means a bigger monthly payment, but less interest overall. A longer term lowers the payment, but the extra interest can add up fast.
Payment comparison
The same borrowing across every term at once - payment against total cost.
| Term | Monthly | Interest | Total repaid |
|---|---|---|---|
| 1 yrcheapest overall | $1,336.24 | $1,035 | $16,035 |
| 2 yrs | $709.61 | $2,031 | $17,031 |
| 3 yrs | $501.80 | $3,065 | $18,065 |
| 4 yrs | $398.70 | $4,138 | $19,138 |
| 5 yrs | $337.47 | $5,248 | $20,248 |
| 6 yrs | $297.17 | $6,396 | $21,396 |
| 7 yrs | $268.82 | $7,581 | $22,581 |
The shortest term you can comfortably afford is almost always the cheapest: a longer term lowers the monthly payment, but you pay interest on $15,000 for more months.
Estimates only, based on the figures you enter, not an offer of credit. Your actual rate and payment depend on the lender and your circumstances.
Reading your result
| Your result | What it means |
|---|---|
| Term | How many years you would take to repay the loan. |
| Monthly payment | What you would pay each month at that term. Shorter terms usually mean higher payments, while longer terms usually mean lower payments. |
| Total interest | The estimated cost of borrowing over the life of the loan. |
| Total repaid | Your loan amount plus all estimated interest. This is the total amount you would pay back at that term. |
The shortest term you can comfortably afford is usually the cheapest option overall. Stretching the loan over more years lowers your monthly payment, but the interest you add up usually costs more than what you saved each month.