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BMO loan calculator

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.

Your city
Bank
Scotiabank Scotiabank
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
Bank of Montreal Bank of Montreal
HSBC HSBC
ATB Financial ATB Financial
National Bank Of Canada National Bank Of Canada
Capital One Capital One
Tangerine Bank Tangerine Bank
Simplii Financial Simplii Financial
Laurentian Bank Of Canada Laurentian Bank Of Canada
UNI Financial Cooperation UNI Financial Cooperation
Manulife Bank Of Canada Manulife Bank Of Canada
Canadian Western Bank Canadian Western Bank
American Express Company American Express Company
First Nations Bank Of Canada First Nations Bank Of Canada
Motusbank Motusbank
B2b Bank B2b Bank
BDC BDC
Alterna Bank Alterna Bank
Calculate the BMO loan
Interest rates are given in accordance with the rates of the bank in Ottawa as of 07.02.2023
Loan amount
i

Specify the desired loan amount

CAD
CAD
USD
5000 C$
26500 C$
Loan term
i

Specify the loan term for the calculation

months
days
3
60
Interest rate
i

Choose the interest rate on the loan

1 %
15 %
Fill out an application for a loan!
Fill out an application for a loan!

Take advantage of our loan selection system with a free credit rating check!

What is the BMO loan calculator?

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.

BMO loan calculators

Why do you need the BMO loan calculator?

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. 

How to use BMO loan calculators

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.

How to compare loans using the BMO loan calculator

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.

Will I pay the same regular payment amounts that I see in the BMO loan calculator?

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.

Does increasing an amortization period lower the regular payment amount?

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.

What interest rate should I enter into the BMO loan calculator?

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.

How do I check my credit history?

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).