How much would a $100,000 personal loan cost you?


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Could you afford these payments?

Personal loans can be an excellent source of financing. Their interest rates tend to be low compared to other types of debt. Borrowers also have a lot of freedom in how they use the money, and they can often access loan funds quickly. Some personal lenders let you borrow big, with loans of up to $100,000 available to qualified borrowers.

If you’re considering a large loan, perhaps to finance home renovations or a major purchase, it’s a good idea to see what your monthly payments might look like.

How much would the repayments be for a $100,000 personal loan?

Since $100,000 is a lot of money, the monthly payments for borrowing that much can be high. Payments for a $100,000 loan vary depending on the interest rate, as well as the time it takes to pay off your loan.

The table below shows the monthly payments for a $100,000 loan according to repayment term and interest charges.

Interest rate

3 year repayment term

5 year repayment term

10 year repayment term













As you can see, loans with a shorter repayment term have much higher monthly payments; when you make only 36 payments on a $100,000 loan, each individual payment is high.

The interest rate you qualify for also has a huge impact on the total costs. If you qualify for a more competitive rate, your monthly payments are hundreds of dollars less.

What are the total costs of a $100,000 loan?

You need to make sure your monthly budget supports your loan repayments, but it’s also a good idea to look at interest charges over time. Any money you pay in interest goes to the bank rather than your other financial goals.

The table below shows the total interest charges over time for $100,000 debt.

Interest rate

3 year repayment term

5 year repayment term

10 year repayment term













While loans with shorter repayment terms have higher monthly payments, total interest costs are much lower with these loans. If you can make higher monthly payments and pay off your loan faster, you’ll pay less for your personal loan over time.

Interest rates also profoundly affect total costs, with borrowers paying several thousand dollars more over the life of the loan if their rates are higher. Shop around with multiple personal lenders to get the lowest rates. This is especially important when borrowing a large amount, as the larger the loan, the more the interest rate makes a difference.

The Ascent’s Best Personal Loans for 2022

The Ascent team has scoured the market to bring you a shortlist of the best personal loan providers. Whether you’re looking to pay off debt faster by lowering your interest rate or need extra money to make a big purchase, these top picks can help you reach your financial goals. Click here for the full rundown of The Ascent’s top picks.


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