Use the True Cost of Borrowing Calculator
Calculate the True Cost of Your Loan
How This Tool Works
- 1
Enter the loan principal amount in Canadian dollars
- 2
Input the annual interest rate (APR) — capped at 35% in Canada
- 3
Specify the loan term in months
- 4
Add any origination fees or one-time charges
- 5
Add any recurring monthly fees
- 6
The calculator shows total interest, total fees, and the true all-in cost of the loan
Ready to Compare Your Options?
See personalized loan offers from 50+ Canadian lenders — no impact to your credit score.
Understanding Your Results
Compare the 'True Total Cost' across different loan offers to find the best deal. A loan with a lower interest rate but high origination fees may actually cost more than one with a slightly higher rate and no fees. In Canada, always ensure the total APR (including fees) stays within the 35% legal cap. If a lender quotes costs that exceed this, they may be operating outside regulations.
Responsible Borrowing Advice
Always compare the true cost across multiple lenders before committing. Look beyond the monthly payment to the total amount you'll repay. If the true cost seems excessive, consider a smaller loan amount or shorter term. Under Canadian consumer protection laws, you have the right to full disclosure of all fees before signing.