Loan Payment Calculator (Canada)

How this calculator works

This uses the standard amortisation formula: payment = P × r ÷ (1 − (1 + r)⁻ⁿ), where r is the periodic rate and n the number of payments. Bi-weekly and weekly payments are calculated on the same annual rate divided across more periods.

A co-signer matters here because the interest rate a lender offers is priced on risk. A stronger second applicant can move the rate band, and even one or two percentage points over a multi-year term changes the total interest materially.

Assumptions and limits

This is an educational estimate produced entirely in your browser. It is not an offer of credit, an approval, or financial advice, and it does not use your real credit file. Lenders apply their own policy, pricing, and verification.

Frequently asked questions

Is the quoted APR the rate I should enter?

Yes — the APR includes the interest rate plus most mandatory fees, so it is the better number for comparing offers than the headline interest rate.

Why is total interest so high on long terms?

Interest is charged on the outstanding balance every period. A longer term lowers the payment but keeps the balance outstanding for longer, so you pay more interest overall.

Do bi-weekly payments save money?

Accelerated bi-weekly payments (where you pay half the monthly amount every two weeks) result in 26 half-payments, which is one extra monthly payment a year and reduces the balance faster.

Does a co-signer lower the rate?

It can. Because the lender has a second, typically stronger, person to collect from, the risk is lower and the offered rate band may improve — but the lender still decides.

Sources

Financial Consumer Agency of Canada — Loans — Government of Canada (FCAC)
Bank of Canada — Interest rates — Bank of Canada
Criminal Code, R.S.C. 1985, c. C-46, s. 347 (criminal interest rate) and Criminal Interest Rate Regulations SOR/2024-114 — Government of Canada (Department of Justice)

Check your options

Compare options with a licensed Canadian partner. Checking your own rate does not, by itself, commit you to anything.

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Advertising disclosure: we may be paid a commission when you apply through a partner link on this site. This does not change what you pay. Submitting an enquiry does not guarantee approval. All applications are subject to the lender's own criteria, verification, and credit checks.