Offer
FundsLeap (Personal / Payday Loans, English)
Available: QC, ON, AB
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Calculator
Loan Payment Calculator
Enter the amount, the annual interest rate and the term in months. The calculator returns your monthly payment, the total interest you would pay, and the total cost of borrowing — which is the number that actually matters.
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
The monthly payment for a fixed-rate instalment loan uses the standard amortisation formula:
M = P × i / (1 − (1 + i)−n)
where P is the principal, i is the monthly interest rate (annual rate divided by 12) and n is the number of monthly payments. Total interest is the monthly payment multiplied by n, less the principal.
A special case matters: when the rate is 0%, the formula divides by zero, so the calculator falls back to M = P / n. That path is handled explicitly rather than left to produce an error.
Because the payment is fixed, early payments are mostly interest and later payments are mostly principal. Extending the term lowers the payment but increases total interest — the calculator's totals show that trade directly.
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.
Car Loans
Vehicle financing secured by the car itself. Rates move with the vehicle's age, the term, your down payment and your credit profile.
Home Equity Loans
Borrowing against the equity in your home. Secured debt prices lower than unsecured credit, and your property backs it.
Frequently asked questions
What is the difference between the interest rate and the APR?
The interest rate is the cost of the principal. The APR also folds in fees, which makes it the fairer number for comparing offers. This calculator works from the rate you enter, so add fees separately to reach an APR comparison.
Why does a longer term cost more overall?
You are renting the lender's money for more months. Each month carries interest, so spreading the same principal over more payments usually raises the total interest even though each payment is smaller.
Does this calculator include taxes or lender fees?
No. It is a pure amortisation calculation. Add any origination, administration or insurance fees to the total cost yourself, or ask the lender for the APR and total cost of borrowing in writing.
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