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Fixed rate personal loan calculator

Personal loan calculator

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Frequency of personal loan payments and total borrowings

Payment type Payment amount ($) Total loan over period ($) Total interest over period ($) Difference from monthly ($)
Weekly payments
Payments every 2 weeks
Monthly payments
Annual payments

The calculation of the personal loan

The calculation of the payments of a personal loan is done using the following variables

  • Loan amount: Represents the amount of your loan
  • Interest rate: This personal loan rate is the one normally offered by banks or other financial institution. This can be fixed, variable, increasing, decreasing, and more.

Personal loan formula

Monthly payment = Loan amount x Personal loan rate / Number of payments in the year 1 - (1 + Personal loan rate / Number of payments in the year)-Number of payments * Number of years of the term

Calculation example

Take for example a personal loan of $ 5,000, an interest rate of 8% (0.08), a term of 36 months (3 years) and monthly payments (12 payments per year). Example with rounded figures, the result therefore little changed by a few cents.

5 000 x 0.08 / 12 1 - (1 + 0.08 / 12)-12 * 3 = 33,33 1 - (1,006666667)-36 = 33,33 1 - 0,78725462 = 33,33 0,212745 = 156.666$/month

The personal loan

A personal loan is often necessary for unforeseen expenses or when an opportunity presents itself. Situations such as the kitchen's renovation, a major purchase (furniture, appliances, etc ...) or in order to consolidate debts currently at higher rates such as credit cards, or others.

There are two types of personal loan; the secured loan and the unsecured loan.

Secured loan

This loan, as the name suggests, takes a good or asset as a repayment guarantee in return for the loaned amount. In the event that you do not meet your repayment commitments, the lender could legally recover the property or asset in question.

  • Pawnbroker (an object serves as collateral for the lender)
  • Title loan (your purchased car or other vehicle guarantees the repayment of the loan)
  • Collateral loan (your house, land or other real estate offers the guarantee)

The terms

You will find two loan terms either fixed or open. The fixed loan, requires predetermined repayments throughout the life of the loan and charges for early or late payments are usually accompanied by additional fees. On the opposite side, the open term loan allows flexible repayment of the total amount borrowed.

Personal loan rates

Depending on whether you decide to opt for a secured loan or not, the rate and the amount of the loan may vary. Indeed, the majority of unsecured loan have a higher rate. It is imperative that you shop around for your rate based on your financial situation, your credit rating, available promotions and your real needs.

Fixed rate

The fixed rate personal loan gives you peace of mind with equal payments at the same rate throughout your loan repayment. The rate does not increase, allowing you to better budget all other expenses. Most fixed rate loans are more expensive than those offered at variable rates.

As a general rule, the longer the loan repayment is fixed (over a long period), the higher the interest rate will be. It's then less interesting from a monetary point of view, but offers greater security.

The proposed calculator uses the fixed rate to get accurate results.

Variable rate

This rate is variable and depends mainly on the policy Interest Rate of the Bank of Canada. Learn more about recent policy interest rate data .

In fact, the variable rate is considered more risky, however it may be advantageous to opt for this type of loan in order to reduce the initial costs and / or to follow the market price an rates fluctuations, especially if the difference is significant between the two types rate.

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