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Homeโ€บCanadaโ€บPersonal Loan Calculator

Personal Loan Calculator Canada 2025

Calculate your personal loan payments, compare debt consolidation options, and see how extra payments can save you thousands in interest.

$
The total amount you're borrowing
%
Annual percentage rate (APR)
Length of the loan
Most personal loans are monthly; some offer bi-weekly
โ€”
Estimates only. Actual payments may vary based on your lender's terms and compounding method.

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How to Use This Calculator

Tab "Repayment"

Enter your loan amount, annual interest rate, and loan term to see your payment amount, total interest, and total cost. Choose between monthly, bi-weekly, or weekly payments. The amortization schedule shows the principal vs interest breakdown for each payment period.

Tab "Debt Consolidation"

Add up to 5 existing debts with their balances, interest rates, and minimum payments. Then enter the consolidation loan rate and term to see a side-by-side comparison: current total payments vs consolidated payment, total interest on each path, and your potential savings.

Tab "Pay Off Early"

Enter your existing loan details and choose between extra monthly payments or a one-time lump sum. See your new payoff date, months saved, and total interest saved compared to the original schedule.

The Formula

Standard amortization formula:
M = P × [r(1 + r)n] / [(1 + r)n − 1]

Where:
M = payment amount per period
P = principal (loan amount)
r = periodic interest rate (annual rate ÷ number of payments per year)
n = total number of payments

Total interest = (M × n) − P

Payment frequencies:
Monthly: 12 payments/year, r = annual rate / 12
Bi-weekly: 26 payments/year, r = annual rate / 26
Weekly: 52 payments/year, r = annual rate / 52

Criminal Code limit: Maximum 35% effective annual rate (January 2025)

Example

Sarah โ€” $25,000 Personal Loan at 8.5%, 5 Years, Monthly Payments

Sarah borrows $25,000 from her bank at 8.5% annual interest, repaid monthly over 5 years (60 months).

Loan amount$25,000
Annual interest rate8.5%
Loan term60 months (5 years)
Monthly payment$512.65
Total interest paid$5,759
Total cost$30,759

If Sarah adds $200/month extra, she pays off in 38 months instead of 60 โ€” saving $2,095 in interest and 22 months.

Frequently Asked Questions

A good rate depends on your credit score and the lender. With excellent credit (750+), you can expect 6-9% from major banks. Good credit (680-749) typically gets 9-15%. Fair credit may see 15-25%. Always compare offers from multiple lenders including credit unions, which often have competitive rates.
Debt consolidation is worth it when your consolidated rate is significantly lower than your current weighted average rate, and you commit to not taking on new debt. For example, consolidating $20,000 in credit card debt at 20% into a personal loan at 9% saves roughly $6,000+ over 5 years. However, if you extend the term too long, you may pay more total interest despite a lower rate.
Effective January 1, 2025, the Criminal Code of Canada lowered the maximum legal interest rate from 47% to 35% (effective annual rate). Any lender charging above this rate commits a criminal offence under section 347. This includes all fees and charges that count as "interest" under the Criminal Code, not just the stated APR. Payday lenders have a separate exemption under provincial regulation but are still subject to provincial rate caps.
Making extra payments is almost always beneficial. Even $100-200 extra per month can cut years off your loan and save thousands in interest. Before doing so, check your loan agreement for prepayment penalties โ€” most personal loans in Canada allow early repayment without penalty, but some lenders charge a fee. Also ensure you have an emergency fund before accelerating loan payments.
A personal loan gives you a lump sum upfront with fixed payments over a set term โ€” predictable and structured. A personal line of credit lets you borrow up to a limit, repay, and borrow again โ€” more flexible but requires discipline. Lines of credit usually have variable rates tied to prime and require only interest payments (no forced principal repayment), which can keep you in debt longer.

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