Borrow $15,000 at 9.99% over 48 months and you’ll pay $380.37 a month, with $3,257.60 of interest on top. Type in the amount, rate and term you were actually offered and the loan calculator shows your own payment and what the loan costs in full.
Why is the payment the same every month?
The calculator takes your yearly rate, divides it by 12 and charges that on the balance each month. The payment is one level amount for the whole term. Early on, most of it is interest. By the end, nearly all of it pays down the loan itself.
An origination fee is a separate thing. Enter it as a percentage and it lands in the cost of borrowing, but it never changes the monthly payment.
What does a longer term really cost?
Same $15,000, same 9.99%. Only the term moves.
| Term | Monthly payment | Total interest | Total paid back |
|---|---|---|---|
| 12 months | $1,318.67 | $824.02 | $15,824.02 |
| 24 months | $692.10 | $1,610.51 | $16,610.51 |
| 36 months | $483.94 | $2,421.75 | $17,421.75 |
| 48 months | $380.37 | $3,257.60 | $18,257.60 |
| 60 months | $318.63 | $4,117.91 | $19,117.91 |
| 84 months | $248.94 | $5,910.98 | $20,910.98 |
| 120 months | $198.14 | $8,777.17 | $23,777.17 |
How much does a 3% fee add?
Stay with the default loan, $15,000 at 9.99% for 48 months. You hand back $18,257.60 in all, and $3,257.60 of that is interest. Now say the lender takes a 3% origination fee. That’s $450.00, so the cost of borrowing climbs to $3,707.60. Your monthly payment still reads $380.37, which is exactly why the fee is easy to miss.
The rate hurts more than most people expect. At 19.99% the same 48-month loan runs $456.38 a month and $6,906.02 in interest. That’s more than double what you’d pay at 9.99%.
Is there a limit on what a lender can charge?
Yes. The Financial Consumer Agency of Canada says in its page on personal loans that lenders may not charge more than 35% interest a year, and that cap covers interest, fees and other costs together. So a quoted 34% rate plus a hefty fee would be over the line. It’s a ceiling, though, not a fair price. Even a rate well under 35% can cost thousands on a loan this size, which is why comparing the full cost matters more than comparing monthly payments.
Is the longest term a trap?
Often, yes. A payment of $198.14 over 120 months looks friendly, but you’d pay $8,777.17 in interest to get it. Pick the shortest term your budget can carry without strain.
The calculator also assumes a fixed rate and no missed payments. A variable-rate loan can move the payment as it goes. Insurance a lender adds and penalties for paying early are left out, so read the contract for both. And compare the annual rate, not the size of the payment.
What if you pay a bit extra each month?
It helps more than you’d think. Add $50 to the default $380.37 payment, and the loan is cleared in about 42 payments instead of 48, with roughly $467 less interest. That’s the price of a couple of dinners out each month for six fewer payments. First check whether your lender allows extra payments without a charge.
How do I compare two loan offers?
Run each one through with the same amount and look at the total cost of borrowing. One lender may quote a lower rate and tack on a fee. Another may skip the fee and charge a bit more interest. The last row of the results adds interest and fee together, so you can rank them fairly.
Then try a shorter term. If $483.94 a month over 36 months fits, you avoid $835.85 in interest compared with 48 months. Small stretches in the monthly budget add up over the life of a loan.
The sources behind this page
The payment comes from the standard formula for level payments with monthly compounding, and nothing else is assumed. Your contract will match only if your lender uses the same method. This site has no connection with any lender or government body.
Buying a vehicle? The car loan calculator adds sales tax and a down payment. If you’d rather have a limit that renews as you repay, try the line of credit calculator. Card debt can go through the credit card payoff calculator, and the interest calculator handles simple and compound interest on any amount.
About this calculator
- What it does
- Work out a personal loan payment and the total cost of borrowing.
- Category
- Loans and Debt
- Last checked
- September 30, 2026
- Result type
- Estimate for information only, not tax advice.
Frequently asked questions
How is the monthly payment worked out?
Your rate and term produce one level payment. Part of each payment covers interest and the rest pays down the balance.
Does the origination fee change the payment?
No. It goes into the total cost of borrowing instead. On $15,000 at 3% the fee is $450.00.
Does a shorter term cost less?
It does. On $15,000 at 9.99%, 24 months costs $1,610.51 in interest and 84 months costs $5,910.98.
How much does the rate matter?
More than most people think. At 19.99% the default loan costs $6,906.02 in interest, against $3,257.60 at 9.99%.
What about a variable rate?
Treat the answer as a rough estimate. The calculator holds the rate fixed, so if your rate moves, the real payment moves too.
Sources and updates
Updated: . How we check rates · Editorial team · Updates