Personal Loan Calculator

Our free personal loan calculator will help you estimate interest rates
and monthly payments for your loan easily.

If you need extra money for anything from a new car to a home improvement project, a personal loan could be exactly what you need. However, finding the right personal loan in a wide range of existing financial products can be a challenging experience, especially when you don’t have a lot of free time. One of the most important aspects of taking on debt of any kind is understanding the total cost of the loan and repayment structure, so that you comfortably pay back the loan with no surprises.

Our personal loan calculator was created to help you do that in a matter of a few seconds. Of course, you need to carefully review the terms and conditions of any loan offer you are considering, but you can use our personal loan calculator as a starting point, and explore different scenarios. 

Smarter Loans Guides

It only takes a minute, so go ahead and calculate the cost of your loan, using our personal loan calculator.

Personal Loan Calculator

1 year2 year term5 years

Your Payment Details

Your Payment Details

"Below you will find a detailed breakdown of your payments in each month and each year. Find out how much interest, principal and total you'll be paying with the information you entered. Change your term length, interest rate and loan amount to see how it impacts your payment breakdown."

Understanding your personal loan calculations

Most lenders will take your credit score into account when calculating the interest rate. Higher scores typically translate into lower rates and less stringent terms. Your debt-to-income ratio will often be considered when applying for a personal loan.

Monthly Payments

This is the expected total amount you would have to pay each month.  This value will be based on the terms of the personal loan. Your monthly payments will typically be lower if you choose a loan with a longer term.

Total Cost of Loan

This is the expected total cost of your loan. It includes all the other associated costs of taking out the loan, including interest and any applicable fees.

Payment Details

The Payment Details table breaks down all your payments over the term of your loan, and illustrates the total principal and interest amounts that will be paid back each year over the course of your loan term. Please speak to your lender if you are unclear about any of the loan terms. 


This is your Annual Percentage Rate. (also knows as ‘interest rate’)  Think of the APR as the total annual cost of your personal loan. For example. if you take out a $10,000 loan for 1 year, at 10% interest, you will have to pay back $11,000 after the one year passes. 

Frequently Asked Questions

When should you consider a personal loan?

Personal loans can be a great tool when you have an expense you can’t immediately afford. They should be considered when you have an immediate need and can pay the loan off in a timely fashion. For smaller purchases that aren’t urgent, personal loans aren’t always the best option. However, if you need to finance a larger purchase, personal loans are often a good or even necessary tool.

What are the best places to get a personal loan?

The best personal loans can be found in banks, credit unions, alternative or online lenders or even with private lenders. Smarter Loans works with Canada’s most reputable loan companies that carry a variety of financial products with flexible rates and terms. 

What are the current average personal loan rates?

The average personal loan rates available to you right now will depend on your credit score. At the moment, if your credit score is very high, interest rates often start as low as 6%. If your credit score is really low, you may be faced with interest rates at 35% or even higher. 

How do I qualify for a personal loan?

To qualify for a personal loan with a credit score that is reasonable, you will typically need: Proof of residency in Canada, credit history, steady income from employment and government issued ID. Small loans ($100 – $1,000) are typically easier to qualify for than larger loans.

If your credit score and/or other financials are less attractive to lenders, you may be asked for collateral or personal guarantee (you can learn more about guarantor loans here).

How can I get a personal loan online?

Below you will find a list of online personal loan providers that can get you approved in minutes, and funds deposited in your bank account in as little as 24 hours. These lenders have been carefully verified and selected by Smarter Loans and are some of the most reputable financial companies in Canada.

Click Apply Now next to a company of your choice, or select any of the lenders to visit their profile and learn more about their specific products.