Suppose you take out a $9,000 personal loan for three years at 8%, we estimate that the monthly cost will be around $282. If your lender offers a longer loan term, you could choose to use it if you would prefer a lower payment.
With a longer period, however, there is a potential that the interest rate could rise, which might affect the monthly payment. It's not safe to just assume while selecting a personal loan term. Use a personal loan calculator to thoroughly check the options and calculate various monthly payment scenarios.
Monthly Payments on a $9,000 Personal Loan
| Loan Repayment Term | APR | Monthly Payment | Total Interest Paid |
| 12 Months | 15% | $812 | $748 |
| 24 Months | 15% | $436 | $1,473 |
| 36 Months | 15% | $312 | $2,232 |
| 48 Months | 15% | $250 | $3,023 |
| 60 Months | 15% | $214 | $3,847 |
| 72 Months | 15% | $190 | $4,702 |
| 84 Months | 15% | $174 | $5,588 |
Most $9,000 personal loans can be repaid early, and we strongly advise doing so. Choose a lender without an early pay-off penalty if you want to pay off your personal loan early.