Our free Personal Loan Calculator makes it easy to estimate your monthly payment, total cost, and interest. Adjust loan amount, interest rate, and term to instantly see how different scenarios affect your payments.
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Personal Loan Calculator
Personal Loan Calculator
Estimate your payment, total interest and full payoff cost before you apply. Tap a preset purpose, adjust amount, term, rate and payment frequency, then hit Calculate Payment. Built for Canada and optimized for mobile.
Pick a purpose
Presets load a typical amount for that purpose. You can change anything below.
Loan details
Principal you borrow before any fee.
Shorter terms cost less interest but raise the payment.
Annual percentage rate. For example 19.99%.
We convert APR to the correct rate per period.
Optional one time fee. Used to show an effective APR.
Added to each scheduled payment to reduce interest.
Your results
Payment per period
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Based on your frequencyTotal interest
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Over the full termTotal cost
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Principal plus interest plus feeNumber of payments
—
Frequency times termCost breakdown
Principal—
Interest—
Origination fee—
Extra payments reduce interest and shorten the payoff.
Show amortization schedule
| Period | Payment | Interest | Principal | Balance |
|---|
Ready to see real offers
Check your options from trusted lenders in minutes. No obligation.
How to use this Personal Loan Calculator
- Select a purpose preset. This loads a typical amount for that use case.
- Set your term, APR and payment frequency. Shorter terms lower total interest.
- Add an origination fee if your lender charges one. We include it in total cost and show an effective APR.
- Add an extra payment if you plan to pay more each period. This speeds up payoff.
- Press Calculate Payment. Review the KPIs and schedule. Adjust inputs to compare scenarios.
When you are ready, you can check offers and see what you may qualify for.
Personal loan basics in Canada
A personal loan is an installment loan with a fixed rate, fixed term and equal payments. You receive funds up front and repay on a schedule. Most lenders offer terms from 6 to 60 months and payment options monthly, bi-weekly or weekly. Your rate depends on credit profile, income stability, debt to income ratio and the lender's criteria.
Typical ranges
- Amounts from $500 to $50,000
- Terms from 6 to 60 months
- APR from single digits for prime borrowers to higher rates for fair or bad credit
Credit score guide
- Excellent 760 and up
- Good 700 to 759
- Fair 640 to 699
- Needs work below 640
Credit is only one factor. Income, existing debts and stability matter too.
Looking to combine balances into one payment. See our page on debt consolidation loans. Have weaker credit. Learn about bad credit loans and ways to improve approval odds.
Frequently asked questions
What is APR vs interest rate
Interest rate is the cost of borrowing before fees. APR reflects the yearly cost including interest plus certain fees spread over the term. Our calculator uses APR for math and can include an origination fee to estimate an effective APR.
How accurate are the results
The results are as accurate as your inputs. Real lender offers can differ based on underwriting. Use the tool to compare scenarios before you apply.
Does paying bi-weekly or weekly save money
More frequent payments apply interest on a smaller outstanding balance across more periods. This can reduce total interest slightly and can align better with your pay cycle.
Can I make extra payments
Most personal loans allow extra payments without penalty. Extra amounts go straight to principal which shortens the term and lowers interest. Always check your loan agreement for prepayment terms.
What fees should I expect
Some lenders charge an origination fee that is taken from the funds you receive. There may also be NSF or late payment fees if a payment fails. Our calculator can include an origination fee in the total cost and effective APR.
What credit score do I need to qualify
Many lenders can approve a wide range of scores. Better credit tends to get lower rates. Lenders also review income, employment, debts and overall profile.
Is a personal loan better than a credit card
For a fixed payoff plan, installment loans provide a set end date and often lower rates than many credit cards. Credit cards are revolving and can be better for short term cash flow if paid in full each month.
How fast can I get the money
If approved, many lenders can send funds quickly after signing. Timing varies by lender and by your bank.
Will checking my options hurt my credit
Prequalification is usually a soft inquiry and does not impact your score. Submitting a full application typically triggers a hard inquiry, which may cause a small, temporary dip.
What’s the difference between secured and unsecured personal loans
Unsecured loans don’t require collateral and are based on your credit profile and income. Secured loans use an asset (e.g., vehicle) as security and may offer lower rates but put the asset at risk if you default.
Can I pay off my loan early
Many lenders allow early payoff with no penalty. If allowed, paying off early saves interest because interest stops accruing once the principal is repaid.
How are bi-weekly and weekly payments calculated
We convert your APR to a per-period rate (weekly/bi-weekly/monthly) and amortize across the total number of periods in your term so the math is apples-to-apples.
What is an origination fee and how is it applied
It’s a one-time fee charged by some lenders, often deducted from the funds you receive. Our calculator includes it in Total cost and in the cost breakdown so you can see the full picture.
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