Loan Calculator CA
Estimate the monthly payment, total interest and total cost of a loan.
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Amortization schedule (yearly)
| Year | Opening | Paid / yr | Interest | Principal | Closing |
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How it works
A loan is repaid in equal monthly instalments (EMIs). Each instalment covers the interest due that month plus part of the principal, so early payments are mostly interest and later ones mostly principal.
EMI = P × r × (1+r)^n / ((1+r)^n − 1)- P = loan amount
- r = monthly interest rate (annual ÷ 12 ÷ 100)
- n = number of months
- Move the sliders to see the EMI, total interest and full schedule update instantly.
Frequently asked questions
How is the monthly payment calculated?
It uses the standard amortisation formula based on the loan amount, the monthly interest rate and the number of months, giving an equal payment each period.
What is total interest?
It is the sum of every payment minus the amount you originally borrowed — the cost of the loan over its full term.
Loan Calculator for Canada
This free loan calculator helps borrowers in Canada work out the monthly repayment on a personal, car or business loan in CAD. Enter the amount you want to borrow, the annual interest rate your lender is offering and the term in years, and the tool instantly shows your monthly instalment, the total interest you will pay and the total cost of the loan — all formatted in C$ so the figures match what you will actually see on a statement.
How to use the loan calculator
Drag the sliders or type exact values for the loan amount, interest rate and tenure. The repayment, total interest and full amortisation schedule update in real time, so you can compare offers side by side and see how a slightly lower rate or shorter term changes what you pay overall.
Common uses
- Compare personal loan or car loan offers from different lenders in Canada.
- Check whether a shorter term with higher repayments saves money on interest.
- Plan a monthly budget before you apply for credit.
- Understand how much of each payment goes to interest versus principal.
More questions
Does a lower interest rate always cost less?
Usually, but the loan term matters too. A longer term lowers the monthly payment but increases the total interest. Use the calculator to find the balance that fits your budget in Canada.
Is the result the exact amount my lender will charge?
It is a close estimate using standard amortisation. Real offers can include fees, insurance or different compounding, so always confirm the figures with your lender before signing.
Results are estimates for general guidance in Canada and may not reflect the latest local rates, fees or rules. Check official sources before making decisions.