Loan Calculator
Estimate loan payments and total borrowing cost in CAD. This fixed-rate model divides the nominal annual interest rate by the selected payments per year. Upfront fees are paid separately; insurance and financed fees are not included.
Loan Details
Monthly Payment
$307.75
Cost Breakdown
Explore personal-loan information
These directory entries list personal-loan products in our saved information. They are not matched offers, confirmed availability or an approval decision. Confirm products, provincial availability, APR and fees with the lender.
- BMO Bank of Montreal — lender information
- CIBC — lender information
- Fairstone Bank of Canada — lender information
No calculator inputs are sent to a lender when you follow these links.
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Estimates, not quotes or approval. The calculation range is not a legal interest-rate limit. Confirm the lender's fee-inclusive APR, payment timing and compounding. No credit or income information is assessed.
Yearly amortization schedule
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | $2,514 | $1,179 | $12,486 |
| 2 | $2,737 | $956 | $9,749 |
| 3 | $2,979 | $714 | $6,770 |
| 4 | $3,242 | $451 | $3,528 |
| 5 | $3,528 | $165 | $0 |
Compare with another scenario
Both scenarios use monthly payments. Upfront fees are paid separately, not added to the loan balance. Print includes the assumptions and schedule; no account or upload is needed.
| Your loan | Scenario B | Difference | |
|---|---|---|---|
| Monthly payment | $308 | $301 | -$7 |
| Total interest | $3,465 | $3,034 | -$431 |
| Upfront fees | $0 | $0 | $0 |
| Total paid including fees | $18,465 | $18,034 | -$431 |
Calculation methodology and example
Payment = principal × periodic rate ÷ (1 − (1 + periodic rate) raised to minus the payment count). At 0% interest, payment = principal ÷ payment count. We keep full precision internally and round displayed payments to cents; a lender's rounded instalments and final adjustment may differ.
Example: $15,000 at 8.5% over five years with monthly payments is about $307.75 per month, $18,465.14 in loan repayments and $3,465.14 interest. A $300 upfront fee leaves the payment unchanged and makes the total paid $18,765.14. These are illustrative assumptions, not a lender offer.
Regular bi-weekly means 26 payments per year; weekly means 52. Accelerated schedules, changing rates, balloon payments, missed instalments, early payoff and mortgage semi-annual compounding are not modelled. Longer terms usually reduce each payment but increase total interest.
Interest is the charge on the outstanding balance. APR reflects annual borrowing cost under the product's disclosure rules and may include mandatory fees. Do not enter a fee-inclusive APR and add the same fees again. See APR terminology, borrowing guides and Financial Consumer Agency of Canada loan information.
How personal loan payments are calculated
Personal loans in Canada use fixed, blended payments: each payment covers that month's interest plus some principal, so the balance falls to zero by the end of the term. Longer terms lower the monthly payment but raise total interest.
Rates range widely — roughly 7% to 12% at banks for strong credit, and up to the legal maximum of 35% APR at alternative lenders. Compare the APR, which includes fees, and check whether early repayment is allowed without a penalty.
Common questions
- Can I pay off a personal loan early?
- Most Canadian lenders allow it without penalty, but check the prepayment clause in your agreement.