If you were to consolidate all of your debts into one loan, what would the monthly payments be? If you can only afford a certain payment each month, how big would your loan be? Give this calculator a try and see how quickly you may be able to get out of debt.
With our Canadian, online personal loan calculator you can see what different loan amounts will cost you, determine how big of a loan you can get based on the monthly loan payment you can afford, figure out what effect different payment frequencies (monthly, bi-weekly, or weekly) and interest rates will have on the loan, and finally get the calculator to calculate an amortization table for the loan so you can see the details of all future payments. Learn more about what the calculator does
CALCULATOR GOES HERE
Once you enter some numbers into this online calculator it will show you your loan balance on a chart as a declining dark blue graph (the balance is of course declining as you slowly pay it off). Below that, if you click the plus sign in the bottom right hand corner of the graph window, you will see a bar graph that shows the amount of each of your payments that goes to pay off your loan (the dark blue lines labeled “principal”) and the amount of each payment that goes to paying the interest on the loan (the light blue lines).
Once you’ve entered all your loan details, click on “View Report” (at the very top of the calculator window) and you can see the amount of interest that you will pay over the life of the loan. It will also generate a payment schedule or amortization table for the loan so you can see how much of each payment goes toward repayment of the the loan’s principal and how much goes to paying interest. The payment / amortization table also shows you what your loan balance will be after each payment. You can also print the amortization schedule to keep track of your payments as you work at paying down your debt.
Definitions of Calculator’s Financial Terms
Loan Amount - Total amount of money you are looking at borrowing.
Payment - The amount of money you have to pay each month (or every week or every two weeks depending on the payment frequency you choose) to pay off the loan.
Interest Rate - The annual interest rate for this personal loan. The interest is calculated for each period (every month, every two weeks, or weekly depending on the payment frequency you've chosen) on the remaining balance of the loan.
Number of Payments - The number of times you will need to make a payment on this loan.
Payment Frequency - You select how often payments are made. The options you can choose are monthly (12 payments per year), bi-weekly (26 payments each year), or weekly (52 payments every year). Note: if you play with the numbers, you'll see that bi-weekly or weekly payments will pay off your loan more quickly than monthly payments.
Total Interest Paid - This is the full amount of interest you will pay on this loan as long as you make all your payments on time, as scheduled, and you don't prepay any of the principal (like with a down payment on a vehicle. We have a separate car and vehicle loan calculator for that).
Total Payments - The total amount of all payments on this loan including all interest and principal payments. This amount also assumes that all payments are made as scheduled and no prepayments are made on the principal amount of the loan.