Canadian Online Personal Loan Calculator & Amortization Loan Calculator
If you were to consolidate all of your debts into one loan, what would the monthly payments be, and what would they look like on a loan amortization schedule? 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. To see an amortization table, schedule or chart for the loan, just click on “View Report”. Learn more about what this calculator does
This online calculator will allow you to select different payment frequencies (monthly, bi-weekly, or weekly), the loan amount you want to get or the monthly payment you can afford, along with an interest rate and your number of payments (a 3 year loan would equal 36 monthly payments, and a 5 year loan would equal 60 monthly payments).
The calculator will then show you your loan balance as a graph showing a declining loan balance. Below that you can see the amount of each of your payments that goes to pay off your loan (the dark blue lines called “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” 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 so you can see the amount of each payment that goes toward 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.
Definitions of Calculator’s Financial Terms
The amount of money that you would like to borrow.
The amount of money that you will need to pay each month (or sooner if you change the Payment Frequency) in order to pay off your loan within the time frame you’ve specified (you set the time frame with the Number of Payments combined with the Payment Frequency. So for example, 48 payments on a monthly frequency would result in a loan that’s paid off in 4 years).
How often you will need to make a payment on your loan. If you choose “monthly,” then you will be making a payment on your loan once a month (12 payments per year). If you choose “bi-weekly,” then you’ll need to make a payment once every two weeks (26 payments per year), and if you choose “weekly,” then you’ll be making a payment once every week (52 payments per year).
The amount of money you have borrowed or the amount of borrowed money left on a loan (excluding interest) that is to be repaid. When you make regularly scheduled payments on a loan, a portion of each payment pays off the interest that has accrued (built up) and a portion of each payment pays down the loan’s principal. Whenever you make extra payments on a loan that aren’t required, the extra payments pay down the principal balance on the loan so that the loan is paid off sooner than originally planned.
The cost of borrowing money. What you pay to someone else in exchange for borrowing their money. It’s usually expressed as a percentage and called an Interest Rate.
The annual cost of borrowing money for a loan expressed as a percentage.
Number of Payments
The number of times you will need to make a payment for this loan. A 3 year loan would require 36 monthly payments.
Total Interest Paid
The full amount of interest you will pay over the entire life of a loan – from beginning to end.
The full amount of money you will pay over the entire life of a loan. This includes all money paid to principal and interest.
This report shows every single payment you will make on a loan over the entire life of the loan. It shows how much of each payment goes toward principal and how much is taken by interest. It also shows what the loan balance will be after each payment is made.