Loan total cost calculator
The total cost of credit is the interest plus every fee you pay over the life of the loan. Enter the details to see the true cost, not just the monthly payment.
Total cost of credit
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How this calculator works
- Calculate the monthly payment using the amortisation formula.
- Multiply the payment by the number of payments to get the total repaid.
- Subtract the original loan amount to isolate the interest.
- Add any fees to the interest to get the total cost of credit.
Formula: Total cost = (monthly payment × number of payments − principal) + fees
Frequently asked questions
Are all fees included?
Only the fees you enter. Read your loan agreement and disclosure statement to find origination fees, administration fees, insurance and any other charges.
Should I compare loans on total cost or monthly payment?
Compare on total cost. A loan with a lower monthly payment can still cost far more overall if the term is longer or the rate is higher.
Does the criminal rate of interest cap the total cost?
The criminal rate of interest of 35% APR is a ceiling on the cost of credit. It does not make a high-cost loan affordable, and it does not apply to every product in the same way.
Sources
- Criminal Code, s. 347 — Criminal interest rate — Government of Canada — Justice Laws
Important legal information
Promissory.ca is not a lender, bank, mortgage broker or credit counsellor. We do not make lending decisions and we do not charge you a fee to use this service.
Submitting an application does not guarantee approval. All applications, rates and terms are set and approved solely by the individual lender or licensed professional.
Rates, fees and loan amounts vary by lender, province, loan type and your credit profile. Advertised rates are the lender's lowest offered rate and may not be available to you.
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There is no obligation to accept any offer presented to you. Review every agreement carefully before signing.
Borrow only what you can reasonably afford to repay. Late or missed payments may result in additional fees, collection activity and negative credit reporting.
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If you are struggling with debt, consider contacting a non-profit credit counselling service or a Licensed Insolvency Trustee before borrowing more.
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