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Loans calculator

With the online loan calculator in Canada in 2022 you can calculate the repayment schedule for the loan, as well as the loan amount that you are planning to get according to the amount of monthly payments.

Your city
Royal Bank Of Canada Royal Bank Of Canada
Royal Bank Of Canada Royal Bank Of Canada
TD Bank TD Bank
Scotiabank Scotiabank
Calculation of a loan from any bank
Loan amount

Specify the desired loan amount

1000 $
50000 $
Loan term

Specify the loan term for the calculation

Interest rate

Choose the interest rate on the loan

1 %
50 %
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 a loan calculator?

To apply for a loan means a serious financial commitment. Unlike professional lenders, most borrowers do not know all the mathematical aspects of credit to make approximate or accurate calculations. So, you may be wondering, what should I calculate when my repayment schedule is attached to the contract?

Indeed, there is a lot to consider, so the loan calculators built-in by banks and other lenders can be of good use.

So, a loan calculator is a special calculator that allows you to evaluate the loan terms, compare different loan alternatives, calculate the payments, and approximate the loan amount with minimal effort for the borrower. But, first, you must go online and use the calculator that best suits you.

Attention! Generally, all lenders emphasize that the loan calculator will give you an idea of the loan cost, but the lending institution you are borrowing from will provide the exact figures to the borrower individually.

Basic loan terms for borrowers

It may sound repetitive, but the basic terms depend on your loan type. For example, an unsecured loan is more risky and expensive. The higher the amount and the longer the term of your loan, the more you usually have to consider because the loan product is more complicated, and the cost changes significantly. That said, some basic things are the same for all loan types:

For secured loans (fixed deposits, mortgage loans, car loans, etc.), the loan amount and interest rates also change when you play on the calculator with the indexes you enter.

Mortgage calculators also include additional information about the total cost of the loan, including additional costs and fees, for example:

Reference! If you use a loan calculator not found on the lender's website, you should verify with the lender that all options (including different payment terms) are available.

With the detailed mortgage calculator, you can determine the interest cost and mortgage insurance premium and run different scenarios for your loan.

With an auto loan calculator, you may need to provide the following information:

Whatever the lending institutions offer you, you must take the affordability of the interest rates seriously. It is the market, and the lenders are selling you the product, and as a buyer, you have to make a lot of comparisons and make calculations before you sign your loan contract. Let us be realistic; some of us even take grocery shopping and filling up our car very seriously, so if you plan to finance yourself and pay a portion of your salary for loan service, a loan and its monthly payments deserve your attention. You can get minimum payments and know exactly how much total interest is by being attentive to details.

Estimated loan amounts

The amount of the personal loan depends on the lender and the loan's terms. Typically, the amount can range from $50 to $50,000. You can expect a more significant minimum loan amount, a more favorable interest rate, and a more extended repayment period with a secured personal loan. Even if your lender is willing to offer you a considerable amount as a personal loan, you should remember that it is a financial obligation where you will have to repay not only the principal but also the interest and sometimes other fees for using the loan funds. For this reason, the loan agreement is countersigned by the customer, who weighs the options and chooses the one that is acceptable and sustainable for him.

In some loan calculators, you can see what amount might be available when filling in the fields. For example, some payday loans in Canada vary by province.

For car title loans, the loan amount also depends on the model year of the vehicle.

The actual loan amount available is always up to the lender. Still, before applying for a loan or visiting the lender's office, you can get prepared by performing your preliminary calculations at home using an online loan calculator.

Interest rates

Interest rates have a significant impact on credit costs. To calculate the cost of the loan, you must enter the interest rate. When you use the loan calculator of an official lender, once you select the loan type, you will see a drop box with the interest rates of an interest rate that will automatically appear in the corresponding field of the form.

To get a result, the loan calculator takes the interest rate and uses other criteria you entered to show you the monthly interest payment, the total loan cost, and the loan scenario.

If it is an external calculator (not the bank or loan calculator), there may be more options if you want to compare different lenders. The interest rates are taken from the data provided online, or you can enter the data manually (in this case, you need to observe the borrowers' interest rates beforehand).

Loan term

Credit products often allow you to choose a term from the available range of credit terms. Then, set the option you want or test some and see which credit term gives you a more favorable credit burden.

The longer the loan term is, the more you usually pay due to the higher interest rate and, of course, the number of years (periods) you have to repay the loan.

The repayment period is also shown in the summary of your loan calculation.

The repayment period can vary from a few days (even as little as ten days for a payday loan) to years and dozens of years if it is a mortgage, a significant refinance, etc.


If you use a bank loan calculator, they usually enter their terms into the loan calculator. If you use other loan calculators, they may give you a selection of lenders to give you a good comparison of loan terms and affordability.

How does a loan calculator work

The loan calculator uses an internal algorithm that can take the initial data you enter:

A loan calculator is an analytical tool with a friendly interface and easy-to-use features that allow you to make weighted decisions and get informed. The letter is essential from the point of view of consumer rights.

How to calculate loan amounts

The amount can be calculated in several ways when planning a new loan. The first is simple: depending on the product type, you enter the amount you think is appropriate for your cash needs and your ability to repay the loan. For a mortgage loan, for example, you also need to consider that insurance will increase the cost. Then, assuming you have reviewed the projected loan amounts, monthly payments, and lump sum and determined that the loan is too expensive or that you could afford a larger loan, make adjustments to the data you entered earlier until you get a satisfactory estimate. When borrowing money, it may be appropriate to base your decisions on your ability to repay and your income.

How to calculate the number of monthly loan payments

As an option, the number of monthly payments could be freely linked to your paycheck. Or you can choose a convenient payment method. Still, remember that your account must have a sufficient balance on the pay dates (especially if the repayment is made by direct debit).

The repayment can be performed weekly, every two weeks, monthly, etc.

Usually, you have to select the appropriate option in the Dropbox list.

How to calculate a loan overpayment as a percentage

Overpayment is calculated automatically with an online loan calculator if you have filled in all the required fields. You will receive the result as text with numbers, in table form, or as a graph. This amount varies greatly depending on the term and type of the loan, as well as the availability of collateral.

How to compare loans using a credit calculator

In addition to the classic loan calculators, there are also loan comparison calculators that you can use to clarify which variant is more favorable for you. All factors that go into the calculation are taken into account and make it easier for you to make a good decision. First, you select the borrower from the list and fill in the credit data, and then you can add second, third, etc., loans to see the whole picture.

How can I calculate monthly loan payments?

You can obtain this information using the credit calculator. Enter your loan parameters (amount, interest rate, annual percentage rate, term of the loan, additional payments such as fees and insurance, presence of collateral, repayment rhythm), and you will see the results on the screen. You can also compare different installment amounts by changing the loan parameters (reducing the loan term, etc.).

What will be my monthly vehicle loan payment?

The monthly payment depends on the type of loan and the repayment schedule. Some costs are incurred in the first month or on the payoff date and are not due again until the following year, e.g., car insurance, borrower's life insurance, borrower's insurance in case he or she loses his job, etc. The next few months of the year are free of additional charges, and the borrower pays only principal and interest.

How to estimate my monthly loan payments?

Monthly payments vary depending on the lender, loan type, whether it is a secured loan, and loan term. Also, if your credit report is not perfect and not considered by the lender, expect more expensive regular payments and a heavier burden on your money.