Loan Details
$25,000
8.5%
Monthly Payment
$512.91
for 60 months
Loan Summary
Principal Amount$25,000
Total Interest$5,775
Total Repayment$30,775
Interest Rate8.5% APR
Cost Breakdown
Principal 81%Interest 19%
Understanding Your Loan
A lower interest rate dramatically reduces total cost over the life of a loan. Even 1% can save thousands of dollars. Always compare APR (Annual Percentage Rate) rather than monthly rate when comparing loan offers.
Shorter loan terms mean higher monthly payments but significantly less total interest paid. A 3-year loan will cost considerably less than a 5-year loan for the same amount.