FinviloCanadian loan payment calculator
Estimate the monthly payment and total cost of a fixed-rate loan. A smaller payment can mean more interest if you repay over a longer term.
Estimated monthly payment
$322.67
- Total interest
- $1,616.19
- Total borrowing cost, including fee
- $1,616.19
- Total paid, including fee
- $11,616.19
Formula and assumptions
Monthly payment = P × r ÷ [1 − (1 + r)−n], where P is the amount borrowed, r is the annual interest rate divided by 12 and then by 100, and n is the number of monthly payments. With no interest, the payment is P ÷ n.
This estimate assumes a constant rate, equal monthly payments and monthly compounding. The upfront fee is paid separately, not added to the loan balance. It excludes optional insurance, late charges, payment holidays and variable-rate changes. It is not an APR calculation or a mortgage calculation. Actual lender rounding and interest conventions may differ.
Worked example, not a lender quote
Borrowing CAD 10,000 at an illustrative 10% annual rate over 36 months gives a payment of about CAD 322.67 and total interest of about CAD 1,616.19, before fees. These example figures are not an offer or a rate you are promised.
Compare the agreement as well as the payment
Ask for the lender's disclosure showing interest, fees, total payments and early repayment conditions. Confirm the rate you would actually receive and whether collateral is required.
General information only, not personalized borrowing advice. Your inputs are not sent to a lender.