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BMO loan calculator online in Canada in 2022. How to figure out the loan yourself? A handy tool that will show whether you can pay off a loan, help you choose lending with affordable payments.
Scotiabank 
Canadian Imperial Bank Of Commerce (CIBC) 
HSBC 
ATB Financial 
National Bank Of Canada 
Capital One 
Tangerine Bank 
Simplii Financial 
Laurentian Bank Of Canada 
UNI Financial Cooperation 
Manulife Bank Of Canada 
Canadian Western Bank 
American Express Company 
First Nations Bank Of Canada 
Motusbank B2b Bank 
BDC 
Alterna Bank Scotiabank Canadian Imperial Bank Of Commerce (CIBC) 
Bank of Montreal HSBC ATB Financial National Bank Of Canada Capital One Tangerine Bank Simplii Financial Laurentian Bank Of Canada UNI Financial Cooperation Manulife Bank Of Canada Canadian Western Bank American Express Company First Nations Bank Of Canada Motusbank B2b Bank BDC Alterna Bank 
Take advantage of our loan selection system with a free credit rating check!
For clients looking to borrow an exact amount and pay it back on a set schedule, BMO Bank offers unsecured personal loans starting from $5,000 in financing. If you are looking for a larger borrowing amount and are ready to secure your loan with a personal asset, consider a home equity loan from BMO starting at $10,000 in financing. For ongoing borrowing needs, BMO offers more flexible credit tools — lines of credit starting at $5,000. A line of credit can be both unsecured and secured with personal assets like your home. You can apply for all of these loan options online — no need to visit a branch in person.
To help clients get a better understanding of their estimated loan payments, BMO has provided a loan calculator on its website. With the BMO loan calculator, you can enter the total amount you want to borrow, interest rate, payment frequency, and amortization period and see the approximate loan payment amount. As long as lines of credit don’t involve any fixed term to repay your debt, the BMO loan calculator won’t be the most illustrative solution for this lending option.
Loan Calculator to get an idea of what your loan payments could look like based on the loan amount, interest rate, payment frequency, and amortization period
Business Loan Calculator that works exactly the same way as a personal loan calculator
Mortgage Payment Calculator to see what your regular mortgage payments will look like based on a property’s purchase price, your down payment, term, interest rate, amortization period, and payment frequency
Mortgage Affordability Calculator to see how much you can afford to borrow given your annual income, monthly expenses, and the down payment you can make
Mortgage Prepayment Calculator to estimate prepayment charges you may face when repaying your mortgage before the maturity date
Mortgage Protection Insurance Calculator to estimate your insurance premiums based on the selected insurance coverage options
RRSP Calculator to get an idea of what you can expect to have saved by the time you retire
RIF Payment Calculator to get an understanding of what to expect from your RIF/LIF payments
TFSA Calculator to estimate your potential savings from investing with a Tax-Free Savings Account
Continuous Savings Plan Calculator to get an idea of how much you could save based given a certain regular contribution amount and frequency
Investment Payout Calculator to estimate an expected income from your investments based on different payout options
With the BMO loan calculator, you can estimate your regular payments based on the loan amount you apply for, interest rate, payment frequency, and the number of years you need to pay back your loan. By adjusting the amount to borrow and the loan term, you can see how your monthly payment changes.
This tool works best for personal loans that have fixed payment terms.
To start the calculations, enter the loan amount between $5,000 and $9,999,999, the interest rate, select the payment frequency (monthly, semi-monthly, bi-weekly, or weekly), and specify the number of years you’ll need to repay your loan. Let’s assume you want to borrow $30,000 for a 5-year term at a 5.50% interest rate and make loan payments on a semi-monthly basis. In this case, your estimated semi-monthly loan payment will be $286.
With the BMO loan calculator, you can compare your regular loan payment amounts for different payment terms applied. For example, if you borrow $30,000 for a 5-year term at a 5.50% interest rate, your semi-monthly payment is $286. If you choose to pay every month, your monthly payment will be $573. Next, if you decrease the amortization period to 4 years, your monthly payment will be $698.
Keep in mind that online calculations are approximate and serve information purposes only, so don’t rely solely on this result when making financial decisions. Determined at the time of your loan application, the actual payment amounts may differ from what you see in the BMO loan calculator. Many factors influence the actual payment amount, including your credit history, the collateral you use to secure your loan, and more.
A greater amortization period results in lower regular payments. For example, borrowing $30,000 for a 5-year term at a 5.50% interest rate involves a monthly payment of $573. Increasing the amortization period to 10 years will result in a lower monthly payment of $326.
However, your total amount payable will be significantly greater.
BMO doesn’t provide interest rates for personal loans on its website. You can use the Canada Prime Rate of 5.450% as a reference. Or, you can contact BMO at 1-877-225-5266 to request additional information on this matter.
As a resident of Canada, you can request a copy of your credit history from Equifax and TransUnion.
You can contact Equifax Canada by phone at 1-800-465-7166.
You can contact Trans-Union Canada by phone at 1-877-713-3393 (Quebec only) or 1-800-663-9980 (All other provinces).
