Planning to borrow money? Our free Loan Calculator helps you estimate your expected loan payments before submitting an application.
Whether you’re considering a payday loan or an installment loan, this calculator can give you a general idea of your repayment costs.
Note: This calculator provides estimates only. Actual loan terms, interest rates, fees, and repayment amounts vary by lender and province.
Loan Calculator
Your developer can build a calculator with these fields:
| Field | Example |
|---|---|
| Loan Amount | $100 – $5,000 |
| Interest Rate (%) | 14% |
| Loan Term | 14 Days / 3 Months / 6 Months / 12 Months |
| Payment Frequency | Weekly / Bi-weekly / Monthly |
| Calculate Button | Show Results |
Results
- Loan Amount
- Estimated Interest
- Estimated Fees (if applicable)
- Total Repayment
- Estimated Payment Per Period
- Total Cost of Borrowing
| Loan Amount | $1,000 |
|---|---|
| Interest Rate | 12% APR |
| Loan Term | 12 Months |
| Monthly Payment | $88.85 |
| Total Repayment | $1,066.19 |
| Total Interest | $66.19 |
This example is for illustration only and does not represent an offer from any lender.
How to Use the Calculator
- Enter your desired loan amount.
- Choose an estimated interest rate.
- Select your repayment term.
- Click Calculate.
- Review your estimated payment schedule.
Why Use a Loan Calculator?
A loan calculator can help you:
- Estimate monthly payments
- Understand the total cost of borrowing
- Compare different loan amounts
- Choose a repayment term that fits your budget
- Make more informed borrowing decisions
Tips Before Borrowing
- Borrow only what you need.
- Compare loan offers from multiple lenders.
- Read the loan agreement carefully.
- Understand all fees and repayment obligations.
- Ensure you can comfortably make each payment on time.