How much you’ll pay overall on a $5,000 will be determined by your interest rate and the length of your loan. Typically, the longer your loan, the more you’ll pay in interest.
For instance, if you take out a $5,000 loan with a 10% interest rate over a period of five years, you’ll pay $106.24 a month and $6,374.11 overall. On the other hand, if you borrow the same amount but pay 15% interest over three years, your payments will be $173.33 a month, but you’ll only pay $6,239.76 overall.
Use a personal loan calculator to estimate how much your $5,000 loan could cost you.