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Today 25.03.2023 Loan Repayment Calculator

With the online loan repayment calculator in Canada in 2023 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.

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Scotiabank Scotiabank
Canadian Imperial Bank Of Commerce (CIBC) Canadian Imperial Bank Of Commerce (CIBC)
Bank of Montreal Bank of Montreal
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
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B2b Bank B2b Bank
Alterna Bank Alterna Bank
Loan Repayment Calculator
Loan amount

Specify the desired loan amount

1000 C$
50000 C$
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 Repayment Calculator?

This type of calculator is a helpful tool for borrowers. It allows them to determine the amount of their monthly payments on a loan, the favorable term for an interest loan, a personal loan, a secured loan or an unsecured loan, or a mortgage. It gives a user an overview of the overall cost, payments, interest rates, and total interest that would be payable. It helps you make a preliminary decision on an affordable loan amount depending on the loan terms and see how different interest rates affect the actual credit cost.

Usually, it is a free online tool where you enter loan details, e.g., principal, repayment period, interest rate, annual percentage rate, loan balance, type of interest (regular or compound interest), and get the total cost in the form of a table, a graphical representation or a payments breakdown.

Such a representation helps analyze information from different angles and see several variations of repayment plans and loan charges to make the best decision. Later, when you find a better option, you can calculate the benefit of refinancing your debt with another lender and pay less.

How Does a Loan Repayment Calculator Work?

A loan repayment calculator is a tool used to calculate the estimated monthly payments and total cost of a loan. It can help borrowers in Canada plan their loan payments and better understand the financial commitment they are making.

The loan repayment calculator typically requires the borrower to input several pieces of information, including:

  1. The loan amount. This is the total amount of the loan that the borrower intends to borrow.

  2. The interest rate. This is the annual interest rate charged by the lender on the loan.

  3. The loan term. This is the length of time over which the loan will be repaid.

  4. The payment frequency. This is how often the borrower will make loan payments. Payment frequency can be monthly, bi-weekly, or weekly.

  5. Any additional fees or charges. This could include application fees, processing fees, or any other fees charged by the lender.

Once the borrower has entered all the necessary information, the loan repayment calculator will generate an estimate of the borrower's monthly payments and the total cost of the loan, including interest and any additional fees.

Using a loan repayment calculator can help borrowers in Canada plan their finances and determine if they can afford the loan. It can also help them compare loan offers from different lenders and choose the best loan option for their specific needs.

How to Calculate a Loan Payment Step-by-Step

  1. Determine the loan amount. This is the total amount of the loan that you intend to borrow.

  2. Determine the interest rate. This is the annual interest rate charged by the lender on the loan.

  3. Determine the loan term. This is the length of time over which the loan will be repaid. The loan term can be expressed in years or months.

  4. Calculate the monthly interest rate. Divide the annual interest rate by 12 to calculate the monthly interest rate.

  5. Calculate the number of payments. Multiply the number of years in the loan term by 12 to determine the total number of monthly payments.

  6. Use the loan payment formula. The formula for calculating a loan payment is: Loan payment = (Loan amount x Monthly interest rate) / (1 - (1 + Monthly interest rate) ^ (-Number of payments))

  7. Calculate the loan payment. Plug the loan amount, monthly interest rate, and number of payments into the loan payment formula to calculate the monthly loan payment.

  8. Review the results. Review the monthly loan payment to determine if it fits within your budget and financial goals. If it's too high, you may need to consider a different loan amount or loan term.

Overall, calculating a loan payment is a crucial step in the loan process. It can help you determine if you can afford the loan and budget your finances accordingly. Using a loan payment calculator can make this process easier and more accurate.

This option only requires you to enter credit data; even if you made a mistake, the correction wouldn't take long. All formulas are included in the calculator, and you don't have to worry about them. For example, you enter the yearly interest rate, the term of the loan, the repayment schedule, the principal, and other information needed for the calculation, just follow the prompts of the calculator and click "Calculate." You will see your monthly payments, annual percentage yield, and total amount paid for the debt.

Loans Types in Canada

Here is an overview of some common types of loans in Canada:

  1. Payday loans. Payday loans are short-term loans with high interest rates that are intended to be paid back on the borrower's next payday. These loans are usually for small amounts and are considered a very expensive form of borrowing. They should be used only as a last resort.

  2. Personal loans. Personal loans are unsecured loans that can be used for a variety of purposes, such as home renovations, debt consolidation, or major purchases. The interest rate on personal loans can vary depending on the borrower's credit score and other factors.

  3. Bad credit loans. Bad credit loans are loans that are designed for people with poor credit scores or limited credit history. The interest rates on these loans are usually higher than traditional loans.

  4. E-transfer payday loans. E-transfer payday loans are a type of payday loan that is deposited directly into the borrower's bank account via e-transfer. These loans are typically for small amounts and have high interest rates.

  5. Online loans. Online loans are personal loans that are applied for and approved online. These loans are convenient and can be approved quickly, but they often come with higher interest rates.

  6. Instant payday loans. Instant payday loans are payday loans that are approved quickly and without much hassle. These loans often have very high interest rates and should be used only in emergency situations.

  7. No credit check loans. No credit check loans are loans that do not require a credit check. These loans are often targeted towards people with poor credit or limited credit history. However, they usually come with high interest rates and should be used with caution.

  8. Installment loans. Installment loans are personal loans that are repaid over time in regular installments. The interest rate on these loans can vary depending on the borrower's credit score and other factors.

  9. Consolidation loans. Consolidation loans are personal loans that are used to consolidate multiple debts into one loan. This can make it easier for the borrower to manage their debt and pay it off more quickly.

  10. Line of credit. A line of credit is a type of revolving credit where the borrower can borrow up to a certain limit, repay the borrowed amount, and then borrow again. The interest rate on a line of credit is usually lower than other types of loans, but it can vary depending on the borrower's credit score and other factors.


Why do you need a loan repayment calculator?

This tool will help you compare loan options and different repayment plans, see which option is more adequate, and make a better decision by saving your time on manual calculations.

You only need to enter your loan details to get the result of the calculations and see your repayment schedule. If you analyze more than one option, you just need to add another piece of data and compare the results in visual form.

What is a reasonable loan payment per month?

It is an individual amount that depends on your financial situation estimate. However, it should be bearable to pay other fixed and variable costs and repay the loan according to the schedule. Any loan calculator will give you an idea about your regular payments and whether they are acceptable in your financial circumstances.

How do you calculate a loan payment?

You can use manual calculation using formulas or use a calculator. It could be a regular calculator that just helps you with in-between calculations or a repayment one which is the most convenient option. It saves time and gives you a suitable representation of alternatives to make a decision.