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Closing costs typically include an origination fee, home appraisal and title search, among other expenses, and can range from 2% to 6% of the loan amount.

Personal loans don’t usually require an application or prepayment fee, but some do come with an origination fee of somewhere between 1% and 10% of your loan amount.

An origination fee to the lender could top out at $6,000, and the lender charges closing fees typical for any mortgage loan.

Factor in the cost of the origination fee and monthly payment to determine whether you’ll save money over time.

While the marketing material highlights the low fixed interest rates of the loan, researchers say the loan carries an annual percentage rate of 14.44 percent with a 5 percent origination fee.