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Loan Calculator
Monthly Payment

Calculate monthly payments, total interest, and full amortization schedule.

$
%
months
Monthly Payment
$188.71
Total Interest
$1,322.74
Total Amount
$11,322.74
Payment Breakdown
Principal: $10,000.00
Interest: $1,322.74
AD · 90
Amortization Schedule (First 12 Months)
MonthPaymentPrincipalInterestBalance
1$188.71$147.05$41.67$9,852.95
2$188.71$147.66$41.05$9,705.30
3$188.71$148.27$40.44$9,557.02
4$188.71$148.89$39.82$9,408.13
5$188.71$149.51$39.20$9,258.62
6$188.71$150.13$38.58$9,108.48
7$188.71$150.76$37.95$8,957.72
8$188.71$151.39$37.32$8,806.34
9$188.71$152.02$36.69$8,654.32
10$188.71$152.65$36.06$8,501.66
11$188.71$153.29$35.42$8,348.37
12$188.71$153.93$34.78$8,194.45

Whether you're financing a car, taking out a personal loan, or planning a business purchase, knowing your exact monthly payment before you commit is essential. Our free loan calculator gives you an instant breakdown of your monthly payment, total interest cost, and a complete amortization schedule — so you can make an informed decision.

How It Works

1
Enter the loan amount
Input the total amount you're borrowing. For a car loan, this is the vehicle price minus your down payment.
2
Set the annual interest rate
Enter the APR quoted by your lender. Car loans in Canada range from 4.99% to 12.99%. Personal loans range from 6% to 29.99%.
3
Choose the loan term
Enter the repayment period in months. Common terms: 36 months for personal loans, 60-84 months for car loans.
4
Review the amortization schedule
See how each payment splits between principal and interest. Early payments are mostly interest; later payments are mostly principal.

Tips & Best Practices

✓A shorter loan term always costs less total interest, even with higher monthly payments.
✓For car loans, aim for a term no longer than 60 months to avoid being "underwater" on your vehicle.
✓Extra payments go directly to principal, dramatically reducing your total interest paid.
✓Compare total interest cost, not just monthly payment — a lower payment with a longer term often costs more overall.
✓A 1% lower rate on a $25,000 car loan saves approximately $650 in interest over 60 months.

Frequently Asked Questions

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