Example$35,000 personal loan · 9.49% · 60-month term · Ontario
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Compare Canadian personal loan payments, total interest, and debt-consolidation savings in one place. Three tabs cover standard amortization, side-by-side product comparison (personal loan, LOC, HELOC, secured loan, credit card), and multi-debt consolidation breakeven.
Payments use standard monthly amortization (Canadian personal loans compound monthly). The compare tab uses 2026 market benchmark rates by product type. Consolidation estimates current payoff time from your minimum payments (or a fallback if min payments are too low) versus a new fixed-rate loan.
Federal law caps consumer loan rates at 35% APR including fees. Personal loan rates in 2026 typically range from 6.99% (secured) to 14.99% (prime unsecured) to 19.99%+ (alternative lenders). Credit cards at 19.99–24.99% are usually worth paying down before taking a new loan.
Payments are derived from principal, annual interest rate, and amortization period using standard loan amortization math. Fees and insurance are not included unless you add them to the scenario.
You can compare different loan structures and see approximate total interest. For credit cards, the balance transfer tool may be more relevant for promo-rate scenarios.
Rates in the tool are illustrative or AI-assisted estimates. Always confirm with your lender or financial institution.
Long-form explainers that pair with this calculator.