Calculate monthly loan payments, total interest, and full amortization schedules with our free Canadian loan calculator. Works for personal loans, car loans, student loans, and any fixed-rate installment loan. Enter your loan amount, interest rate, and term to see a complete payment breakdown.
Monthly payment = P × [r(1+r)^n] ÷ [(1+r)^n − 1], where P is the principal, r is the monthly interest rate (annual rate ÷ 12), and n is the number of monthly payments. This is the standard amortization formula used by Canadian banks.
As of 2026, personal loan rates in Canada typically range from 6% to 46.96% APR depending on your credit score and lender. Bank rates for well-qualified borrowers are usually 8–15%. Credit unions often offer lower rates. Rates above 20% are considered high-cost borrowing.
Under the Canadian Criminal Code, the maximum effective annual interest rate (including all fees) is 35% APR as of 2026 (recently lowered from 60%). Payday loans are regulated separately by each province.
Making extra payments directly to the principal reduces the total interest paid and shortens the loan term. Even small additional monthly payments can save thousands of dollars over the life of a loan. Check your loan agreement for prepayment penalties before making extra payments.