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Loan Payoff Calculator

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Last updated on June 21, 2022

Use our calculator below to determine either how long it will take you to pay off your loan and the interest you’ll pay, or how much you’ll need to pay each month given the terms you might already know about your loan.

Follow the steps below and get the bigger picture about your loan.

Calculating by Expected Monthly Payment

  1. Under Loan Amount, type in the initial (principal) amount you will borrow.
  2. Under Interest Rate, type in the loan’s APR.
  3. Select Expected Monthly Payment.
  4. Type in the amount of your estimated monthly loan payment and click Calculate.
  5. The loan payment calculator will display the length of time it takes to pay the loan off fully at this monthly repayment amount, as well as the cumulative interest amount you’ll pay during that period.

Adjust the monthly payment to see how it affects the total amount you’ll pay in interest and the amount of time it will take to pay off the loan. Increasing your monthly payment will result in a shorter loan term and less interest paid over time; decreasing your monthly payment will result in a longer loan term and more interest paid over time.

Calculating by Loan Term

  1. Under Loan Amount, type in the initial (principal) amount you will borrow.
  2. Under Interest Rate, type in the loan’s APR.
  3. Select Loan Term (Months).
  4. Adjust the slider to match the term of the loan in months and click Calculate.
  5. The loan calculator will display the monthly payment amount you’ll need to make in order to pay off the loan within this term length, as well as the total amount of interest you’ll pay for this term.

Adjust the loan term to see how it affects your monthly payment and the cumulative amount of interest you’ll pay on the loan. Increasing your term length will result in a lower monthly payment and more interest paid over time; decreasing your term length will result in a higher monthly payment and less interest paid over time.

Where Can You Find a Better Loan?

Online loan databases are a great way to get a sense of what borrowing options are available to you; rather than contacting a number of different lenders individually, you can save time by submitting a single application with these loan search engines, which instantly match the details of your credit profile to a multitude of Canadian lenders. What’s more, submitting one application is much more gentle on your credit score than submitting five separate applications, and these databases usually have enough lending partners to help you find the exact type of loan that you’re looking for. Below are a few such resources.

LoanConnect

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LoanConnect’s wide lender network is able to provide a competitive loan to suit the needs of nearly any borrower, even for those with less-than-stellar credit. It specifically narrows its search to loans up to $50,000, with terms from 6 to 60 months, and at rates as low as 4.60% APR.

You’ll first input your contact information so lenders can get back to you, and then financial details including expenses, income, housing and credit situation. After typing in the kind of loan you want, LoanConnect can either let you look through a list of matching loan offers and/or to have lenders contact you directly. Borrowers can receive funds as quickly as the same day they applied.

Click to apply or learn more by reading our complete LoanConnect review.

Loans Canada

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Loans Canada is another lender database you can check out if you’d like to quickly compare your current loan or a loan offer you’ve recently received with a number of other lenders. The Loans Canada database includes lenders offering both secured and unsecured loans for a wide variety of purposes, including buying a car, consolidating debt, starting a business, building credit, etc. Its lenders provide a broad range of loan amounts, starting from as little as $500, and can accommodate borrowers with credit scores of all levels.

Loans Canada’s lenders offer interest rates ranging from 1.99%–46.96%, but the usual rules of borrowing apply: If your credit score is high, you can expect to be offered low interest rates. If your score is low, you can probably still qualify for a loan of some kind (provided you have a steady income), but don’t expect favorable rates.

Click to apply or learn more by reading our complete Loans Canada review

Lendful

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Lendful is a particularly good option for those who have strong credit scores and are looking to consolidate high-interest debt (e.g. credit card debt) into one loan with a lower interest rate. It provides unsecured loans ranging from $5,000–$35,000, with interest rates starting at 9.9%. Loan terms are either 3 or 5 years.

Though it’s an attractive lender for debt consolidation, it’s not a good fit for borrowers who have below-average credit scores, a credit history shorter than three years, and/or inconsistent income streams. And keep in mind that it offers only unsecured loans; if you have a secured asset, like real estate, you may be able to find a better secured debt consolidation loan via another lender.

Click here to apply for a loan with Lendful.

Author Bio

GreedyRates is Canada’s go-to resource for all things personal finance. Our expert articles and videos cover every topic under the financial sun, including credit cards, credit scores, loans, bank accounts, budgeting, investing, RSPs, TFSAs, GICs, taxes, and more. Want our advice on a personal finance issue? Send us an email at [email protected] and we’ll gladly give you some free tips.

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