Estimate the monthly payment, total interest and total cost of a fixed-rate personal instalment loan, including any upfront fee.
Use this calculator for a fixed-rate instalment loan with equal monthly payments, the most common form of unsecured personal loan in Canada. Enter the amount you would borrow, the annual interest rate on the offer, the term and any fee you pay yourself.
How it works. The monthly payment is P × r / (1 − (1 + r)^−n), where P is the loan amount, r is the annual rate divided by 12 and n is the number of months. Total interest is the sum of all payments minus the amount borrowed. Fees are added to the total paid. If a lender deducts a fee from the money you receive instead, your true APR is higher than the stated rate; see calculating APR when fees are deducted.
Worked example (illustrative). $15,000 at 10.5% over 5 years gives a payment of about $322.41 a month and about $4,344.51 of interest, for a total of about $19,344.51. Over 3 years the payment rises to about $487.54 but interest falls to about $2,551.32. Over 7 years the payment drops to about $252.91 and interest climbs to about $6,244.45.
Limits. The tool assumes one fixed rate, monthly compounding and no optional insurance. A variable-rate loan or line of credit will change with the lender's prime rate. Defaults are illustrative, not current market rates. Compare the result with the APR in your disclosure statement, which must include most non-interest charges.
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Worked Examples and Checklists
Step-by-step Canadian examples showing how an administration or broker fee raises the APR above the stated rate, whether it is deducted from the advance or added to the balance.
Worked Examples and Checklists
Compare Canadian personal loan offers by APR, total cost and conditions, with an illustrative $12,000 example covering fees, optional insurance, longer terms and variable rates.
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Since 1 January 2025 the Criminal Code caps personal loan interest at 35% APR, fees included. How the limit is measured, the payday and pawn exceptions, and how to test an offer.
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