The monthly cost of these loans is based on the policies of your chosen lender. It also depends upon the loan term and the prescribed interest rate. For instance, suppose you have availed that amount for the 2-year duration. Your lender is giving 6.99% as the interest rate. Your monthly cost will be then around $224. Similarly, if you opt for a 6-year loan with an interest rate of 11.38%, your monthly payment is $96.