Everyday life

Loan & Cost of Borrowing

What will borrowing really cost over time?

Your numbers stay here. No sign-up. Entries are held in this page’s memory and clear when you refresh. Shared links contain no financial inputs.

Editable example. Replace these numbers with your own; results update immediately.

Amount borrowed (CAD)

Nominal annual interest rate (%)

Repayment period (whole years)

Interest compounding

Payment frequency

Fees paid upfront (CAD) Fees are included in total borrowing cost, but are not financed.

Payment at selected frequency: $405.53
Total interest: $4,331.67
Borrowing cost: interest plus fees: $4,331.67
Total repaid including upfront fees: $24,331.67
Effective annual interest rate (excludes fees): 8.300%

A useful next step

Keep the loan, term and payments unchanged while switching compounding frequency to see its effect. Compare total borrowing cost as well as the payment.

How this estimate works

The nominal annual rate and compounding frequency determine the effective interest rate. Payment rate = (1 + nominal annual rate ÷ compounding periods)^(compounding periods ÷ payments per year) − 1. Payments occur at equal period-ends and amortize the loan over the term, with a capped final payment. Uses full precision before display rounding. Fees are paid upfront, not borrowed. This is not a regulatory APR calculation. Excludes late fees, optional insurance, taxes, rate changes and date-specific interest. Many loans and cards accrue daily simple interest and will differ from this compound-interest illustration.

FCAC mortgage payment guidance · CMHC debt-service rules · CMHC premiums

Educational estimates only, not financial, legal or lending advice, an offer, approval or eligibility decision. Confirm terms, costs and affordability with your lender. Amounts are Canadian dollars.