Online loan databases are a great way to get a sense of what borrowing options are available to you rather than contacting a number of different lenders individually, you can save time by submitting a single application with these loan search engines, which instantly match the details of your credit profile to a multitude of Canadian lenders. Increasing your term length will result in a lower monthly payment and more interest paid over time decreasing your term length will result in a higher monthly payment and less interest paid over time. The loan calculator will display the monthly payment amount you’ll need to make in order to pay off the loan within this term length, as well as the total amount of interest you’ll pay for this term.Īdjust the loan term to see how it affects your monthly payment and the cumulative amount of interest you’ll pay on the loan.Adjust the slider to match the term of the loan in months and click Calculate.Increasing your monthly payment will result in a shorter loan term and less interest paid over time decreasing your monthly payment will result in a longer loan term and more interest paid over time. The loan payment calculator will display the length of time it takes to pay the loan off fully at this monthly repayment amount, as well as the cumulative interest amount you’ll pay during that period.Īdjust the monthly payment to see how it affects the total amount you’ll pay in interest and the amount of time it will take to pay off the loan.Type in the amount of your estimated monthly loan payment and click Calculate.Under Interest Rate, type in the loan’s APR.Under Loan Amount, type in the initial (principal) amount you will borrow.Total Interest Paid: Calculate Calculating by expected monthly payment

Loan payoff calculator