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Personal Loan Calculator

Work out your personal loan payments, the total interest and the APR including any fees.

$
%
More options
$

Charged by the lender up front

Monthly payment

$311.20

36 payments on $10,000 at 7.53%

Total interest
$1,203
Total repaid
$11,203
What the loan costs
  • Amount borrowed$10,000
  • Interest$1,203

What this means

You’d pay back $11,203 for $10,000: $1,203 of it is interest.

Compare loans by their APR, which includes fees as well as interest, and borrow over the shortest time you can afford: longer loans have lower payments but cost more.

Next step

Breakdown

Loan amount$10,000.00
Amount repaid over the loan$10,000.00
Interest$1,203.17
Total repaid$11,203.17
Total cost of borrowing$1,203.17

About the rate

Chartered banks’ average rate on new personal loans was 7.53% in June 2026 (Statistics Canada).

The rate you’re offered depends mostly on your credit history and income. When comparing offers, look at the APR, which includes fees: with this loan’s fee, the APR is 7.53%.

Principal and interest paid each year
$3,734$1,867$0
123
PrincipalInterest
Assumptions in this estimate
  • Assumes a fixed rate and equal repayments, with interest worked out on each repayment.
  • The APR here includes the up-front fee you enter. Lenders may include other costs, so their APR can differ slightly.
  • Late payment charges, insurance and early repayment fees aren’t included.
Spotted a mistake? Tell us

How the calculator works

  1. Your repayments: worked out so equal payments repay the loan, with interest, by the end of the term.
  2. The fee: if your lender charges one, enter it under More options. It’s either taken from the loan, paid up front, or added to the loan.
  3. The APR: the yearly rate including the fee, so you can compare offers fairly.

Shorter or longer?

Borrowing $10,000 at 7.53%:

Loan length Monthly payment Total interest
3 years $311.20 $1,203
5 years $200.52 $2,031

Chartered banks’ average rate on new personal loans was 7.53% in June 2026, according to Statistics Canada.

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Frequently asked questions

How much would a $10,000 loan cost?

At 7.53% over three years, $311.20 a month and $1,203 of interest.

What is the difference between the interest rate and the APR?

The interest rate is what you pay on the balance. The APR also includes up-front fees, so it's the better figure for comparing loans. With no fees, they're the same.

Is a longer loan better?

It lowers each repayment but costs more interest in total. On $10,000 at 7.53%, five years costs $2,031 of interest against $1,203 over three years.

How can I get a lower rate?

A good credit score and steady income usually get lower rates. Compare banks and credit unions, and consider whether a secured loan or line of credit would cost less.