Find the monthly payment, total interest and total cost of an unsecured personal loan, with the amortization schedule.
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Enter the amount, the annual interest and the term. The monthly payment and amortization schedule recalculate instantly.
Amortization schedule (per year)
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 8,008 | 3,349 | 4,659 | 25,341 |
| 2 | 8,008 | 2,758 | 5,250 | 20,092 |
| 3 | 8,008 | 2,093 | 5,915 | 14,176 |
| 4 | 8,008 | 1,342 | 6,666 | 7,511 |
| 5 | 8,008 | 497 | 7,511 | 0 |
Amounts are aggregated per year. Early on you pay more interest, and toward the end more principal.
Indicative loan figures. The payment uses the annuity formula (fixed rate). The real interest and APR depend on the bank, on IRCC and on fees — the figures here are estimates. Instant in-browser calculation, no account.
The fixed monthly payment uses the annuity formula, from the loan amount, the monthly rate (annual ÷ 12) and the number of months:
For 30,000 over 5 years at 12% interest: the monthly payment is about 667, and the total interest nearly 10,000.
With the same annuity formula as any loan: from the amount, the monthly rate and the number of months. For example, 30,000 over 5 years at 12% is a payment of about 667 per month.
Being an unsecured loan, the interest is higher than on a mortgage, indicatively around 9–14% a year, depending on the bank, the amount and the term.
The amount depends on income and the debt ratio (total payment ≤ 40% of net income). A personal loan usually needs no collateral, only proof of income.
A personal loan is unsecured, with smaller amounts, a shorter term and higher interest. A mortgage is secured by the property, with large amounts, a long term and lower interest.
Usually: your ID, a proof of income or the statement where your salary is paid, and sometimes proof of job tenure. The exact documents vary from bank to bank.
Yes, you can repay any time, partially or fully. Reducing the term saves more interest than reducing the monthly payment, for the same amount repaid.
The APR includes, besides interest, all mandatory fees (analysis, administration, insurance). That is why it reflects the real cost of the loan and is higher than the advertised nominal rate.
Choose the shortest term you can afford, look for the lowest interest and APR, avoid unnecessary fees, and consider refinancing if a better offer appears.