Canadian Loan Calculator
Estimate your monthly payments and total loan cost with our easy-to-use calculator.
Trusted by 50,000+ Canadians
Loan Details
Your Estimate
Monthly Payment
$121.22
Total Payment
$2,909.20
Total Interest
$409.20
* This is an estimate only. Actual rates and terms may vary based on your creditworthiness and lender policies.
No-Impact Credit Check: Comparing offers won't affect your score
How to Use This Loan Calculator
Our free loan calculator helps you estimate your monthly payment before you apply. Adjust the sliders above to match your desired loan amount, interest rate, and repayment term, and the calculator instantly shows what you'd pay each month, plus the total cost over the life of the loan.
What Factors Affect Your Monthly Payment?
Three things determine your monthly payment: how much you borrow (the principal), the annual percentage rate (APR) you're offered, and how long you take to repay the loan (the term). Borrowing more or accepting a higher APR increases your payment, while a longer term lowers your monthly payment but increases the total interest you'll pay over time.
Your credit profile plays a major role in the APR a lender offers you. Borrowers with stronger credit typically qualify for lower rates, while those with limited or lower credit scores may see higher rates. That's why checking your rate with a soft credit pull, which won't affect your score, is a useful first step before committing to an offer.
Tips for Getting Better Rates
- Check your credit report first.Look for errors that could be dragging your score down unnecessarily. Even a small correction can improve the rate you're offered.
- Compare offers from multiple lenders. Rates vary significantly between lenders, so comparing a few options helps you find the most competitive one for your situation.
- Consider a shorter term if you can afford it.A shorter term means a higher monthly payment, but you'll pay less interest overall.
- Borrow only what you need.It's tempting to round up "just in case," but every dollar you borrow accrues interest.
- Time your application thoughtfully.If you're close to paying off other debt or expecting your credit to improve soon, waiting a little longer could help you qualify for a better rate.
Keep in mind that the numbers above are only an estimate. Your actual rate and terms depend on your full financial profile and the lender you're matched with. To see personalized offers without affecting your credit score, click "Check Your Real Rate" above.