Calculate your monthly loan payments, total interest paid, and full amortization schedule for any loan amount, interest rate, and term.
🇨🇦 Canada Loan Summary
Monthly payment
$371
for 36 months
Total payment
$13,339
Total interest
$1,339
Interest rate
7%
Rates in Canada
| Year | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| Year 1 | $4,446 | $3,724 | $722 | $8,276 |
| Year 2 | $4,446 | $3,994 | $453 | $4,282 |
| Year 3 | $4,446 | $4,282 | $164 | $0 |
A loan calculator helps you quickly determine your monthly repayment amount, total interest paid, and the full cost of borrowing — before you sign any agreement. Whether you are taking out a personal loan, auto loan, or any other type of instalment credit in Canada, this free tool gives you an instant, accurate breakdown using the standard EMI formula.
Enter the loan amount, annual interest rate, and loan term in months or years. The calculator instantly computes your fixed monthly payment using the standard amortisation formula. You can also view a full amortisation schedule showing exactly how much of each payment goes toward principal versus interest over the life of the loan.
For example, a Canada loan of $12,000 at 7% per annum over 36 months results in a monthly repayment that you can calculate instantly using the tool above. Interest rates at RBC and TD Bank vary, so always compare before borrowing.
Monthly payment = P × r(1+r)ⁿ / ((1+r)ⁿ−1), where P is the principal, r is the monthly interest rate, and n is the number of monthly payments.
Yes — this calculator works for personal loans, auto loans, student loans, and any other fixed-rate instalment loan.
Canadian rates are influenced by the Bank of Canada overnight rate. Mortgage rates are typically fixed for 5-year terms and vary by lender.
Popular lenders in Canada include RBC, TD Bank, Scotiabank, BMO, CIBC. Always compare rates from multiple providers before committing.
How Rising Interest Rates Are Affecting Mortgages in 2026
Interest rates have shifted significantly across the US, UK, Canada, and Nigeria in 2026. Here's what that means for your mortgage payments — with real numbers.
Read article →Personal Loan vs Mortgage: When Should You Choose Which?
They're both loans — but choosing the wrong one can cost you significantly more. Here's a clear breakdown with numbers for the UK, US, Canada, and Nigeria.
Read article →