Home/Calculators/Personal Loan
โ–ผ
๐Ÿ’ณPersonal Loan ยท OntarioCanada
Typical: 9.49%Range: 6.99โ€“12.99%
๐Ÿš—Looking for auto / vehicle financing?Vehicle Calculator โ†’
๐Ÿ’ณPAYMENT CALC
$735
monthly payment
interest
$9,094
total cost
$44,094
๐Ÿ“ŠCOMPARE OPTIONS
$6,533
cheapest option interest
best option
HELOC
most vs best
$14,092
๐Ÿ”€CONSOLIDATION
+$16,852
you save by consolidating
total debt
$24,500
new payment
$615/mo
Personal Loan Calculator
๐ŸงฎCalculate
What to Calculate
๐Ÿ“‹Loan Details
Loan Amount
$
Interest Rate (APR)
% / yr
Ontario typical: 9.49%
Loan Term
โ–ผ
Payment frequency
โ–ผ
๐Ÿ’ฐExtra Paymentโ–ผ
๐Ÿ“ŠBudget Checkโ–ผ
โœฆ AI Rate Lookupโ–ผ

Monthly payment

$735

Total Interest
$9,094
Total Cost
$44,094
Pay off in
60 mo
๐Ÿ“…Payment frequency comparison
SchedulePer pmt~Mo payoffTotal interestฮ” vs monthly
Monthly ยทsel$73560.0 mo$9,094-
Bi-weekly (26/yr)$33960.0 mo$9,021-$73
Accelerated bi-weekly$36754.5 mo$8,085-$1,008
Weekly (52/yr)$16960.0 mo$8,989-$104

Accelerated bi-weekly = half your monthly payment every 2 weeks โ†’ 1 extra payment/year โ†’ saves interest and pays off faster.

๐Ÿ“ŠCost Breakdown
Principal
Interest
๐Ÿ“‰Balance Over Time
$0$7k$14k$21k$28k$35kMo0Mo1Mo2Mo3Mo4Mo5Mo6Mo7Mo8Mo9Mo10Mo11Mo12Mo13Mo14Mo15Mo16Mo17Mo18Mo19Mo20Mo21Mo22Mo23Mo24Mo25Mo26Mo27Mo28Mo29Mo30Mo31Mo32Mo33Mo34Mo35Mo36Mo37Mo38Mo39Mo40Mo41Mo42Mo43Mo44Mo45Mo46Mo47Mo48Mo49Mo50Mo51Mo52Mo53Mo54Mo55Mo56Mo57Mo58Mo59Balance
โ–ฆAmortization breakdown
Loan amount$35,000
Interest rate9.5%
Term60 months
Monthly payment$734.89
Total interest$9,094
Total cost$44,094
Estimates only. Uses monthly compounding. Actual rates and payments depend on your credit profile and lender. Not financial advice. For unbiased guidance: FCAC.
๐Ÿ‡จ๐Ÿ‡ฆ Canadian Personal Loans
๐Ÿ“‹
Max rate: By federal law, lenders cannot charge more than 35% APR (including all fees).
๐Ÿ“‹
Disclosure: Federally regulated banks must disclose the full cost of borrowing before you sign.
๐Ÿฆ
Credit unions: Often offer 0.5โ€“2% lower rates than chartered banks for members with good standing.
๐Ÿ“ˆ
Prepayment: Most lenders allow extra payments. Some charge a fee if you pay off early - read your agreement.
โšก
Accelerated bi-weekly: Paying half your monthly instalment every 2 weeks = one extra payment/year and significant interest savings.

Source: FCAC - Personal Loans

๐Ÿ’ก Lower Your Rate
๐Ÿ†
Credit score 720+: Unlock the lowest tiers (sub-7%). Check Equifax/TransUnion free annually.
๐Ÿ”’
Add collateral: Pledging a GIC or savings account can cut 1โ€“3% off an unsecured rate.
๐Ÿ”„
Switch to LOC: If you have good credit, a personal LOC at prime+2% (~8.95%) beats most fixed personal loans.
๐Ÿ 
HELOC if you own: Home equity line = prime rate (~6.95%). Lowest option if you have equity.
๐Ÿค
Negotiate: Banks compete - get 3 quotes and ask each to beat the lowest. Credit unions often win.
๐Ÿ“…
Shorter term: Lenders see shorter terms as lower risk and may offer a better rate. Also saves total interest.