Loan Calculator
Calculate the payment of a personal loan, a car loan or a mortgage in real time: interest, total cost, actual length and amortization schedule. Free, no sign-up, built for Quebec and Canada.
- Instant results
- Canadian rules
- Accelerated payments
- No data sent
Your payment
$318.63
per month
- Amount financed
- $15,000
- Total interest
- $4,118
- Total cost
- $19,118
- Paid off in
- 5 years
- Number of payments
- 60
- Taxes on the vehicle
- $0
- Minimum down payment
- $0
- Mortgage insurance premium (added to the loan)
- $0
- 9% tax on the premium (paid in cash)
- $0
- Balance at end of term
- $0
- Payment at the qualifying rate (stress test)
- $0.00
- Interest saved
Principal Interest
Yearly amortization schedule
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | $2,435 | $1,389 | $12,565 |
| 2 | $2,689 | $1,134 | $9,876 |
| 3 | $2,970 | $853 | $6,906 |
| 4 | $3,281 | $542 | $3,625 |
| 5 | $3,625 | $199 | $0 |
Results are estimates. Your actual payment depends on your lender, your credit file and applicable fees. No data is sent: everything is calculated in your browser.
How to use the calculator
- Choose the loan type: personal, car or mortgage.
- Enter the amount, the annual interest rate and the term. The payment updates with every change.
- Choose the payment frequency: monthly, bi-weekly, weekly or accelerated.
- Open the advanced options to add extra payments and see the interest saved.
How the payment is calculated
The payment follows the standard amortization formula: P = L × r ÷ (1 − (1 + r)^−n), where L is the amount borrowed, r the interest rate per period and n the number of payments.
For a personal or car loan, interest is calculated with each payment: a 9.99% rate paid monthly gives a rate of 0.8325% per month.
For a fixed-rate mortgage in Canada, the law requires semi-annual compounding. The calculator applies it: at the same rate, a mortgage payment is slightly lower than a loan compounded monthly.
Each payment first covers the interest for the period, then the principal. Early in the loan, the interest share is larger: the amortization schedule shows this split year by year.
Personal loan: how to pay less interest
- The term changes the total cost a lot. For $15,000 at 9.99%, the payment is $483.94 per month over 3 years ($2,422 of interest) and $318.63 over 5 years ($4,118 of interest).
- Always compare the total cost, not only the payment: a lower payment over a longer term almost always costs more.
- Accelerated payments and extra amounts reduce interest. Just check that your lender allows prepayment without a penalty.
- A personal loan has a fixed rate and an end date; a line of credit has a variable rate and more flexible repayment, but often takes longer to pay off.
Payment examples
| Term | Monthly payment | Total interest | Total cost |
|---|---|---|---|
| 12 months | $879.11 | $549 | $10,549 |
| 24 months | $461.40 | $1,074 | $11,074 |
| 36 months | $322.62 | $1,615 | $11,615 |
| 48 months | $253.58 | $2,172 | $12,172 |
| 60 months | $212.42 | $2,745 | $12,745 |
Frequently asked questions
How do I calculate a loan payment?
The payment follows the standard amortization formula: P = L × r ÷ (1 − (1 + r)^−n), where L is the amount borrowed, r the interest rate per period and n the number of payments. The calculator applies this formula with every change and adjusts the last payment to the cent, like a lender.
What is the difference between the interest rate and the total cost of the loan?
The rate is the yearly price of the money borrowed. The total cost adds up every payment: principal, interest and financed fees. That is the amount to compare between two offers.
Is a short or a long term better?
A short term raises the payment but reduces interest. For $15,000 at 9.99%, going from 5 to 3 years saves $1,696 in interest.
Do bi-weekly payments save money?
Regular bi-weekly payments cost about the same as monthly payments. Accelerated payments (the monthly payment divided by two, 26 times a year) add the equivalent of one monthly payment per year: the loan is paid off sooner and interest drops.
Can I pay off my loan faster?
Yes. Add an amount to each payment or a yearly lump sum in the advanced options: the calculator shows the interest saved and the new length. Check the prepayment terms of your contract.
Is my data sent anywhere?
No. All calculations happen in your browser. No amount is sent to Liqui Pneus or to a third party, and no sign-up is required.
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