Loan Payment Calculator

Choose your country, then enter the loan amount, interest rate and term to see your payment, the total interest, a balance chart and the yearly schedule. It works for car loans, personal loans and other equal-payment loans.

Which country are you in?

Choose your country first: it sets the currency and the rules used. We guessed Canada from your browser.

Purchase price or loan amount

CAD

Down payment or trade-in (optional)

CAD

Interest rate / APR (yearly)

Use the rate your lender offers. The one shown is only a starting example.

Loan term

Your monthly payment

$586.98

To repay $30,000 at 6.5% over 5 years, you make 60 payments of $586.98.

Amount borrowed: $30,000
Total interest: $5,219
Total repaid: $35,219
Total cost with down payment: $35,219

Amount borrowed: $30,000
Interest: $5,219

How the balance falls

Point at the chart to read values. The dot is your income.

Show year-by-year schedule

Year	Interest	Principal	Balance
1	$1,795	$5,248	$24,752
2	$1,444	$5,600	$19,152
3	$1,069	$5,975	$13,177
4	$669	$6,375	$6,802
5	$242	$6,802	$0

Good to know (Canada)

Many Canadian car loans offer bi-weekly or weekly payments, which can shorten the loan a little because you pay more often.
GST/HST or provincial tax on a vehicle, licensing and fees are separate from the loan unless you finance them.

How a loan payment is worked out

With an equal-payment loan, each payment covers the interest on what you still owe and pays down part of the loan, so the balance reaches zero with the last payment. The payment is loan × i ÷ (1 − (1 + i)^−N), where i is the interest rate for one payment period and N is the number of payments. Early payments are mostly interest, and later ones are mostly principal.

Monthly payment on a 25,000 loan

Yearly interest rates compounded monthly. A longer term lowers the payment but costs more in total.

Rate	3 years	5 years	7 years
5%	749.27	471.78	353.35
7%	771.93	495.03	377.32
9%	794.99	518.96	402.23

Ways to pay less interest

Choose a shorter term if you can afford the higher payment.
Make a bigger down payment or trade-in so you borrow less.
Pay every two weeks or weekly, or add a little extra each month, so the balance falls faster.
Compare the APR of different lenders, not only the monthly payment.
Check for fees and early repayment charges.

Rate versus APR

The interest rate is the price of borrowing the money. The APR (annual percentage rate) also includes some fees, so it is a better way to compare offers. In the UK the quoted APR is already an effective yearly rate, which this calculator takes into account. In Australia a similar figure is called the comparison rate.

Loans in different countries

Canada: car loans often have weekly or bi-weekly payment options.
United States: auto loans are commonly 36 to 72 months, and sales tax and fees may be added to the loan.
United Kingdom: personal loans and hire purchase use a fixed APR, and PCP deals add a final balloon payment (not covered here).
Australia: lenders show a comparison rate that includes fees.
India: you repay a fixed EMI on the reducing balance, and a processing fee is usually extra.

How to use the Loan Payment Calculator tool

Choose your country at the top for the right currency and notes.
Type the purchase price or loan amount, and a down payment or trade-in if you have one.
Enter the interest rate (APR) and the term in years or months, and how often you pay.
Read your payment, the total interest, the balance chart and the yearly schedule.

Frequently asked questions

How is a loan payment calculated?

The payment is the same each time and is worked out so the balance reaches zero at the end: payment = loan × i ÷ (1 − (1 + i)^−N), where i is the interest rate per payment and N is the number of payments. $25,000 at 6% over 5 years is about $483.32 a month.

What is the difference between a rate and an APR?

The interest rate is the cost of borrowing the money. The APR also includes some fees and is meant to show the whole yearly cost. In the UK the APR is an effective yearly rate, and this calculator treats it that way.

Does a longer term save money?

It lowers each payment but you pay more interest in total, because the money is borrowed for longer. A shorter term has bigger payments and costs less overall.

Does paying more often help?

Paying every two weeks or weekly can cut a little interest, because the balance falls sooner. The calculator shows the payment for monthly, twice-monthly, bi-weekly and weekly schedules.

Which countries does it work for?

Canada, the United States, the United Kingdom, Australia and India. The choice sets the currency, the number style and the notes. The maths of an equal-payment loan is the same everywhere.

Guides

How to Calculate a Mortgage Payment (Formula and Example)