Loan Calculator - Canadian Loan Calculator
Our Loan Calculator is a free calculation online tool, you can use to calculate your monthly payments and loan interest costs for different kind of loans like personal loans, auto loans, etc.
For example if you want to get a $10,000 personal loan from Royal Bank of Canada, and you know that the bank will charge you 7% yearly interest rate on the loan over 5 years you can calculate your loan monthly payments (including principal and interest) using our loan calculator below.
Our Canadian loan calculator has 3 inputs:
- Loan Amount - This is the total amount you are borrowing
- Interest Rate - This is the loan annual interest rate.
- Term (Amorthization period in months) - This is the term of your loan in months or how long it will take you to fully repay your loan.
The loan calculator also has 3 outputs:
- Monthly Payment - This is the amount you have to pay back to the bank each month, which includes both loan principle and interest charges.
- Total Interest Cost - This the total amount of interest you will pay to the lender over the life of the loan.
- Total Repaid - This the total amount you will pay back to the lender over the life of the loan. This amount includes the principle and the interest.
- This loan calculator assumes that your loan interest rate is constant during the entire term of the loan.
- The loan calculator compounds the interest rate payments monthly.
- This loan calculator is not intended to provide investment advice and can be used for educational purposes only. We do not guarantee the accuracy of this loan calculator and you should not rely on it alone for estimating your loan payments. If you need financial advice please consult qualified financial adviser.