Calculator
Personal loan calculator
See your payment, the total interest and what the loan really costs once fees are included.
Your payment
$222.44
per month
- Total interest
- $3,347
- Fees
- $0
- Cost of borrowing
- $3,347
- Total you repay
- $13,347
Every $1 you borrow costs about $0.33 in interest and fees over 5 yrs.
The same loan at different rates
| Interest rate | Monthly payment | Total interest | Total repaid |
|---|---|---|---|
| 8% | $202.76 | $2,166 | $12,166 |
| 15% | $237.90 | $4,274 | $14,274 |
| 25% | $293.51 | $7,611 | $17,611 |
| 35% | $354.90 | $11,294 | $21,294 |
Online lenders that approve weaker credit usually charge 20% to 35%. In Canada, most consumer loans can’t charge more than 35% APR.
How this calculator works
The calculator uses the standard loan formula: equal payments that cover each period’s interest and pay down the balance, with interest compounded monthly. Each payment is rounded to the cent and the last one adjusts so the balance ends at exactly zero.
Fees you enter are added to the cost of borrowing but not to the loan. Optional loan insurance, late fees and early repayment aren’t included.
Questions people ask
How is a personal loan payment calculated?
The lender spreads the amount you borrow and the interest over the term in equal payments. Each payment covers that period’s interest first and the rest reduces the balance, so the balance reaches zero with the last payment.
What is the monthly payment on a $10,000 loan?
Over 5 years it’s about $202.76 a month at 8% and $264.94 at 20%. The rate makes a big difference to the total interest.
What is the difference between interest rate and APR?
The interest rate prices the money you borrow. APR is the yearly cost including mandatory fees, so it’s the better number for comparing offers. In Canada, most consumer loans can’t charge more than 35% APR.
Does a longer term save money?
No. A longer term lowers each payment but you pay interest for longer, so the total cost goes up. Pick the shortest term you can comfortably afford.
Estimates only, not a quote or approval. Your lender’s contract, fees and approval decide the real cost. WalletReturn is independent. FCAC: Personal loans ↗FCAC: Lines of credit ↗FCAC: Your rights with personal loans ↗