See what a consumer loan will cost you per month and in total over the term. Consumer loans typically carry a higher rate than mortgages, so the total cost can be significant.
At —% interest, the monthly payment would be — — — more per month than today.
The calculator uses the same amortization formula as for other loans:
The difference from a mortgage is that consumer loan interest is far higher, since the loan isn't secured by any collateral. That makes the total cost — especially the interest portion — a much larger share of what you pay back.
Consumer loans are unsecured, meaning there's no collateral like a home or other asset backing them. That makes the risk higher for the lender, which is reflected in a higher interest rate.
If you have several expensive small loans, it can often pay off to consolidate them into one refinancing loan with a lower rate. Try the refinancing calculator to see an estimate of the savings.
Yes. A shorter term gives a higher monthly payment, but significantly lower total interest costs since you pay interest for fewer months.