Calculator
Loan Payment Calculator
Enter the amount, the annual interest rate and the term in months. The calculator returns your monthly payment, the total interest you would pay, and the total cost of borrowing — which is the number that actually matters.
Result
Enter your figures above and submit to see the result.
The monthly payment for a fixed-rate instalment loan uses the standard amortisation formula:
M = P × i / (1 − (1 + i)−n)
where P is the principal, i is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Total interest is the monthly payment multiplied by n, less the principal.
A special case matters: when the rate is 0%, the formula divides by zero, so the calculator falls back to M = P / n. That path is handled explicitly rather than left to produce an error.
Because the payment is fixed, early payments are mostly interest and later payments are mostly principal. Extending the term lowers the payment but increases total interest — the calculator's totals show that trade directly.
Find out what you qualify for
One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.
LoanLoon is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
The figure above is arithmetic, not an offer. A lender's real rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. loanloon.ca is a matching and comparison service — not a lender, a broker of record, or a credit counsellor. We do not make loans, set rates or make credit decisions. The lowest rates are only available to the most qualified applicants.
Frequently asked questions
What is the difference between the interest rate and the APR?
The interest rate is the cost of the principal. The APR also folds in fees, which makes it the fairer number for comparing offers. This calculator works from the rate you enter, so add fees separately to reach an APR comparison.
Why does a longer term cost more overall?
You are renting the lender's money for more months. Each month carries interest, so spreading the same principal over more payments usually raises the total interest even though each payment is smaller.
Does this calculator include taxes or lender fees?
No. It is a pure amortisation calculation. Add any origination, administration or insurance fees to the total cost yourself, or ask the lender for the APR and total cost of borrowing in writing.
Is this calculator free to use?
Yes. Every calculator on loanloon.ca runs in your browser and is free. Nothing you type is sent to us or stored.
Does the result guarantee what a lender will offer me?
No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.
The lowest rates are only available to the most qualified applicants — what does that mean?
It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.
Sources and further reading
- Financial Consumer Agency of Canada — Government of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette