Loans Calculators · Canada
Personal loan calculator.
Calculate your personal loan payment with flexible payment frequencies. See how much interest you'll pay over the life of your loan and compare different terms.
A personal loan is repaid in equal payments that cover interest and principal; the payment is set by the amount, the interest rate, the term and how often you pay. This calculator shows the payment and the total interest over the life of the loan.
Method: a standard formula, shown on this page. No government rate or table is used.
Cite this page: TNAADO Tools, “Personal Loan Calculator”, https://tools.tnaado.ca/calculators/loans/personal/
A loan calculator for Canada: enter the amount, rate and term to get the payment, total interest and total cost. Borrowing for a business instead? Use the business loan calculator; for a revolving balance, the line of credit calculator.
Inputs
Your payment
Fill the form and press Calculate.
How the personal loan calculator works
This calculator estimates your loan payments based on the loan amount, interest rate, term length, and payment frequency. It calculates both your regular payment amount and the total interest you'll pay over the life of the loan.
Understanding personal loan payments
Payment frequency impact: more frequent payments (weekly or bi-weekly) pay down principal faster, reducing total interest charged over the term.
Total cost breakdown: your total cost includes both principal and all interest. Comparing terms shows how longer terms reduce the payment but increase total interest paid.
Types of personal loans in Canada
- Secured loans: backed by collateral (car, home equity): lower rates.
- Unsecured loans: no collateral required: higher rates but faster approval.
- Line of credit: revolving credit you can draw from as needed.
- Debt consolidation loans: combine multiple debts into one payment.
Tips for getting a personal loan
- Check your credit score: better scores qualify for lower rates.
- Compare multiple lenders: banks, credit unions, and online lenders differ.
- Consider total cost: not just the monthly payment.
- Watch for fees: origination, prepayment penalties.
- Borrow only what you need.
Worked example: $15,000 at 8.99% over 3 years
Borrowing $15,000 at 8.99% for 3 years means 36 monthly payments of $476.93, for $2,169 of interest and a total cost of $17,169 (payment × 36). The Financial Consumer Agency of Canada uses the same method to compare loans: multiply the payment by the number of payments.
| Loan | Payment | Total interest | Total cost |
|---|---|---|---|
| 8.99%, 3 years, monthly | $476.93 | $2,169 | $17,169 |
| 8.99%, 5 years, monthly | $311.30 | $3,678 | $18,678 |
| 12.99%, 3 years, monthly | $505.34 | $3,192 | $18,192 |
| 8.99%, 3 years, bi-weekly | $219.73 every 2 weeks | $2,139 | $17,139 |
- Term: going from 3 to 5 years lowers the payment by $165.63 but adds $1,509 of interest.
- Rate: four more points of interest (12.99% instead of 8.99%) add $1,023 to the cost of the same 3-year loan.
- Check against the regulator’s example. For the FCAC’s $2,000 at 19.99% example this calculator gives $185.26, $74.32 and $52.98 a month over 12, 36 and 60 months; the FCAC table shows $185, $75 and $53. Lender quotes can differ slightly in rounding and timing.
Next steps: compare a line of credit with the line of credit vs personal loan calculator, see what extra payments save with the early payoff calculator, or consolidate several debts with the debt consolidation calculator.
How this is calculated
- Payment = P × i ÷ (1 − (1 + i)−n), where i is the annual rate divided by the payments per year and n is years × payments per year.
- Total cost = payment × number of payments; total interest = total cost − loan amount.
- Bi-weekly uses 26 payments a year and weekly 52, so the number of payments is higher and each is smaller.
The FCAC says most personal loans range from $100 to $50,000 with terms between 6 and 60 months, that the total cost includes the interest and any fees, and that lenders may not charge more than 35% interest a year including all fees and costs (FCAC, Personal loans, checked 1 October 2026; the limit is the criminal rate in section 347 of the Criminal Code). This calculator does not include origination fees or loan insurance, which raise the effective cost, so compare your lender’s stated annual percentage rate and total cost of borrowing.
General information, not financial advice. A lender’s disclosure statement governs the actual figures.
Frequently asked questions
How is a personal loan payment calculated?
The standard instalment formula: the payment that repays the principal plus interest in equal amounts over the term. For $15,000 at 8.99% over 36 months it is $476.93. Total cost is the payment times the number of payments.
How do I compare the total cost of two loans?
The FCAC suggests multiplying the payment amount by the number of payments, which gives the total you will repay including interest and fees. The same $15,000 costs $17,169 over 3 years at 8.99% but $18,678 over 5 years.
Is there a maximum interest rate on a personal loan in Canada?
Yes. The FCAC says lenders may not charge more than 35% interest annually, including all fees, costs and interest. That is the criminal interest rate in the Criminal Code.
What terms and amounts are typical?
The FCAC says most personal loans range from $100 to $50,000 with terms between 6 and 60 months, though lenders vary. Longer terms mean smaller payments but more total interest.
Does the calculator include fees or loan insurance?
No. It uses the rate you enter. Optional creditor insurance and origination fees would add to the cost, and the FCAC notes you do not have to take loan insurance with a personal loan.
Why do bi-weekly payments show a different number of payments?
Bi-weekly means 26 payments a year, so a 3-year loan has 78 payments. The calculator divides the annual rate by 26, so the total interest comes out slightly lower than monthly payments.
Disclaimer
This calculator provides estimates for educational and informational purposes only. Actual loan payments may vary based on lender policies, credit score, origination fees, and other factors not included in this calculation. Always compare multiple offers and read all loan documents carefully before committing. Consult with a qualified financial advisor before making borrowing decisions.