Offer
FundsLeap (Personal / Payday Loans, English)
Available: QC, ON, AB
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Calculator
Loan Interest Calculator
This calculator isolates the cost of borrowing: how much interest a loan costs in total, and how that interest is spread across the term.
Enter your figures above to see the result.
Assumptions
Fixed rate for the whole term; no fees, insurance or taxes unless a field says otherwise. Results are estimates, not offers.
See what you qualify for
You have the numbers. The next step is an actual offer from a licensed lender or partner.
How this calculator works
Interest in any given month is the outstanding balance multiplied by the monthly rate. The principal portion of a payment is whatever is left after interest. Repeating that month by month produces the amortisation schedule this calculator summarises.
The practical consequence is front-loading: on a long loan at a normal rate, a large share of total interest is paid in the first third of the term. That is why paying extra early saves disproportionately more than paying extra late, and why paying off a loan early is often worth a prepayment penalty — though you should always compare the penalty against the interest saved.
Find out what you qualify for
One short form, passed to a licensed lender or matching partner. Free, with no obligation to accept an offer.
loanwolf.ca is not a lender. We do not make credit decisions, set rates, or guarantee approval. The lowest rates are only available to the most qualified applicants.
What this result means
The figures above are arithmetic, not an offer. A lender's actual rate, payment and total cost depend on its own underwriting, on your credit profile and on your province. The lowest rates are only available to the most qualified applicants.
loanwolf.ca is not a lender. We do not make credit decisions or set rates. If you want to see what a lender would offer, you can choose your loan type.
About personal loans
Personal Loans
Unsecured or secured lump-sum borrowing repaid on a fixed schedule. Most Canadian personal loans run from $1,000 to $50,000 over one to five years.
Bad Credit Loans
Loans for borrowers whose credit history falls short of prime lending. Lenders weigh income, stability and banking history alongside the score.
Lines of Credit
Revolving credit you draw on, repay and reuse. Cheaper than a credit card for many borrowers, and usually variable-rate.
Frequently asked questions
How is loan interest calculated in Canada?
Most consumer loans use simple interest calculated on the outstanding balance, compounded at a defined frequency. Compare the annual percentage rate rather than the nominal rate to account for compounding and fees.
Does paying extra reduce my interest?
Yes, if the extra amount goes to principal rather than to a future scheduled payment. Check whether your lender charges a prepayment penalty first.
Why is most of my early payment interest?
Because interest is charged on the balance. While the balance is high, the interest share of each fixed payment is high. As the balance falls, more of each payment goes to principal.
Is this calculator free to use?
Yes. Every calculator on loanwolf.ca runs in your browser and is free. Nothing you type is sent to us or stored.
Does the result guarantee what a lender will offer me?
No. The output is an estimate based on the figures you enter. Actual rates, payments and approval are decided by the lender.
The lowest rates are only available to the most qualified applicants — what does that mean?
It means the best advertised pricing is reserved for borrowers with the strongest credit profiles, income and debt-service ratios. Most borrowers are offered something different.
Sources
- Financial Consumer Agency of Canada — Government of Canada
- Criminal Code s. 347 — criminal rate of interest — Justice Laws Website
- Payday Lending Regulations SOR/2024-114 — Canada Gazette