Personal Loan Calculators for 2021 | Finder Canada

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Personal loan calculators 2021

Find the right personal loan calculator to help you choose the best loan for your situation.

It’s not always possible to pay cash for every expense that comes your way — sometimes you need financing. This is why many people turn to personal loans.

Before applying for a personal loan, it’s a good idea to know how much you’ll be expected to pay each month — and if you’re consolidating debt, exactly how much you could save in interest. To work this out, you can use a personal loan calculator.

Which personal loan calculator should I use?

When you’re thinking of taking out a personal loan, there are several features you must consider before choosing the loan that’s right for you.

You should have an idea of how much you can afford to pay each month and what the repayments of specific loans are. To make sure you’re getting the best deal, you might want to make a detailed comparison of your top two or three loan choices.

Use the calculator (or calculators) that answer any questions you might have about personal loans — whether you’re just starting out or deciding between two offers.

How much will I pay each month?

Personal loan monthly payment calculator

Use our monthly repayment calculator to make sure you’re signing up for a loan that you can comfortably afford without putting your credit score at risk.

How much can I save by consolidating my debt?

Debt consolidation savings calculator

You might have heard that a debt consolidation loan can help you save or get out of debt faster — but that’s not always the case. Use our debt consolidation savings calculator to find out if a debt consolidation loan is actually worth it.

How do I decide between two loans?

Loan comparison calculator

When you’re comparing two loans, sometimes it can be difficult to tell which loan is better suited for you. Our loan comparison calculator helps you make a complete side-by-side comparison.

It can also help if you’re interested in refinancing a loan you’re already paying off.

How much can I borrow?

Personal loan borrowing power calculator

Your credit score and income can often give you an idea of the rates and terms you can qualify for with a lender — but how much you can afford to borrow can be more complicated.

Our borrowing limits calculator can help you figure out how much you can comfortably afford to borrow, what monthly repayment to look for and what you’d end up paying in interest on that loan.

Bottom line

Using a calculator when you’re trying to find the right kind of loan can help you save in the short and long-term. It can also help you avoid taking on debt that you can’t afford.

Ready to compare lenders? Head over to our personal loans guide to get started

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