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Loan repayment calculator

With the online loan repayment 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
Bank
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
i

Specify the desired loan amount

CAD
CAD
1000 $
50000 $
Loan term
i

Specify the loan term for the calculation

months
days
1
120
Interest rate
i

Choose the interest rate on the loan

1 %
50 %
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Fill out an application for a loan!

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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.

Types of loan repayment calculators

Like any other calculator, loan repayment calculators come in simple calculators and advanced ones with more features for a deeper analysis. For example, some calculators allow you to see only one calculation at a time, while others will enable you to enter more than two options for a loan and see the results in a table, chart, or both. There are also calculators for mortgages and student and personal loans. Another classification divides calculators into bank-owned and independent calculators that are not part of the lender's website.

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.

How does a loan repayment calculator work?

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.

How to calculate a loan payment

Manually

Suppose you know your loan details, the repayment schedule, the loan amount, the interest rate, and the type of interest (compound or regular). In that case, you can use your notebook, a calculator, or Excel to determine the cost of the loan. The disadvantage of this method is that if there are any changes or errors, it will take you a long time to find and recalculate them. Also, you need to apply formulas.

Using a calculator

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.

Compare loans using a loan repayment calculator

It is convenient to see the cost of debt alternatives. With a loan repayment calculator you can see which option is the best for you, knowing that you have many choices:

How can I repay a loan?

A borrower typically has to pay off the principal amount and the accumulated interest. The interest rates are determined by the lender and based on your credit history and financial situation. There are different repayment schemes for loans:

Some lenders specify the repayment method, e.g., direct debit, pre-authorized debit, etc. In other cases, you can use various repayment options allowed by the lender, such as cash payment at the lender's cashier's office or online wire transfer.

Borrowers should check with the lender to see if it is possible to arrange flexibility that is favorable to you. No less critical is early repayment, which can be very useful for paying less interest on your loan if your loan agreement does not include a prepayment penalty.

Also, borrowers can check if someone else can make monthly payments for them.

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.

What does the actual cost of a loan comprise?

It includes all payments and fees paid for the loan, like administration, origination, NSF, late payment fees, etc. The rates add to the loan's cost, so one must be attentive to all the contract details.