Personal loan
Personal loans compound monthly, so the arithmetic is simpler than a mortgage — but the fees and the term are where the real cost hides. Compare two offers side by side before you sign either.
- Payment and total interest
- Compare two offers
- Consolidation check
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Two offers, compared properly
A longer term almost always shows a lower monthly payment and a higher total cost. Compare the total, then check the payment fits.
What you are actually paying for
- Principal$25,000
- Interest$6,863
Balance over the term
- Balance
- Interest paid
Year by year
| Year 1$2,315 interest · $20,942 left | $4,058 |
|---|---|
| Year 2$1,891 interest · $16,460 left | $4,482 |
| Year 3$1,422 interest · $11,510 left | $4,951 |
| Year 4$904 interest · $6,041 left | $5,469 |
| Year 5$332 interest · $0 left | $6,041 |
| Total interest | $6,863 |
Payments are calculated with monthly compounding, which is how personal loans, car loans and lines of credit work in Canada. Mortgages are the exception — they compound semi-annually.
Fees are added to the total cost rather than financed, since most lenders deduct them from the advance. If yours is added to the principal, increase the amount borrowed instead.
Extra payments are applied monthly and go entirely to principal, which is how they shorten the term.
These results are illustrative estimates based on published 2026 rates and typical lender rules. They are not financial, tax, or legal advice, and they are not a mortgage or credit approval. See the methodology and disclaimer.
A 0% promotion with a transfer fee, against staying where you are.
Finance, lease or pay cash — with provincial sales tax and real running costs.
Build a budget from take-home pay, not gross, with savings-rate targets.
The 65% revolving and 80% combined loan-to-value ceilings, applied to your home.