Personal loan monthly payment calculator

Use this calculator to find out how much you might owe each month on a personal loan.

Last updated:

How to use this personal loan monthly payment calculator

  1. Enter the amount you want to borrow under Loan amount.
  2. Write the loan term in years (not months) under Loan terms.
  3. Enter the loan’s interest rate if there are no fees under Interest rate. Otherwise, write the annual percentage rate (APR), which includes interest and fees.
  4. Hit Calculate.
  5. Review your results.

In addition to the monthly payment, our calculator also tells you how much you’ll pay back on the principal and the total interest you’ll pay. This total interest includes fees if you use your loan’s APR instead of its interest rate.

Monthly payment calculator terms you should know

  • Loan amount. The amount of money that you borrow.
  • Loan term. The amount of time you have to pay back your loan.
  • Interest rate. A percentage of your loan balance that your lender charges over a period of time. Most lenders charge an annual interest rate, which is the percentage of your loan balance that you’d pay over a year.
  • Principal. The amount that you currently owe from the money you borrow. Your loan principal is the same as your loan amount when you first take out your loan, and it decreases every time you make a payment.
  • Monthly payment. The amount of money you’re required to pay on your loan each month. Part of your monthly payment goes toward interest and the rest goes toward your principle.

Is a lower monthly payment always better?

Not necessarily. A lower monthly payment might have less of an impact on your day-to-day expenses. But it can be more expensive in the long run.

Why’s that? To get a lower monthly payment, you need a longer loan term. And the longer you take to pay back a loan, the more time there is for interest to add up. This can get particularly pricey if you have a high interest rate.

If you want to lower your total loan cost, look at your budget and figure out how much you can comfortably afford to pay each month. Look for a loan that offers a monthly repayment around that amount.

Bottom line

Knowing how much you could expect to pay each month equips you with a crucial piece of information for comparing personal loans. Two lenders may offer the same amounts but with very different interest rates and terms, causing one to be more expensive than the other.

Our personal loan monthly payment calculator also helps you understand what loan amount you can afford to borrow.

Interested in calculating something different? Check out our full list of personal loan calculators.

Compare personal loans now

Name Product Min. Loan Amount Max. Loan Amount APR Non-sufficient Funds Fee Loan Term Min. Credit Score
$5,000
$30,000
19.99% - 23.99%. Varies by loan type and province
3-10 years
N/A
Fairstone offers secured personal loans up to $30,000.
$2,000
$35,000
5.9% - 45.9%
2-5 years
540
Mogo offers loans up to $35,000 on flexible terms.
$2,000
$10,000
18.9% - 54.9%
$50
1-5 years
550
An established online lender with loans up to $10,000. Now accepting applicants on El and Social Assistance.
$100
$15,000
19.99% - 46.93%
No end dates
N/A
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
$2,000
$10,000
43% (British Columbia and Ontario) and 34.9% (Quebec)
1-5 years
N/A
LendingMate offers loans to Canadians with poor credit with no credit checks.
$1,600
$25,000
9.47% - 20.07%. Varies by loan size (excluding Quebec)
3-5 years
N/A
A loan that you repay before gettּing access to the funds. Enjoy no upfront fees and a low interest rate.
$100 (in store), $500 (online)
$10,000
46.93%
6 months - 5 years
N/A
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
$100 (in store), $500 (online)
$10,000
46.93%
6 months - 5 years
N/A
Cash Money offers line of credit loans up to $10,000 fo AB and ON residents.

Compare up to 4 providers

Was this content helpful to you? No  Yes

Ask an Expert

You must be logged in to post a comment.

Go to site