What a loan costs depends on the rate, the term and how often you pay. Nudge any one of them and you can add or save hundreds of dollars over the life of the loan, which is why it pays to run the numbers before you sign anything and not after.
The car loan calculator and the personal loan calculator show the payment and the total interest before you sign.
How do I model a loan or credit line?
- Car Loan Calculator
Work out a car loan payment with sales tax, down payment and trade-in.
- Personal Loan Calculator
Work out a personal loan payment and the total cost of borrowing.
- Credit Card & Debt Payoff Calculator
See how long a credit card balance takes to pay off and what extra payments save.
- Line of Credit Calculator
See the interest and payoff time on a line of credit.
A line of credit charges interest only on the balance you use, so the line of credit calculator models your draws and repayments. Card balances grow faster, and you’ll feel it. The credit card payoff calculator shows how long it takes to clear a debt and what a bigger payment changes.
How can I pay less interest?
Pay more each month, or pay every two weeks, and the interest drops. For a home loan, use the mortgage payment calculator instead. And if you’d rather watch savings grow than debt shrink, the compound interest calculator does that.
Results assume a fixed rate unless a page says otherwise. Your lender’s contract sets the exact figures.
What should I look at in the results?
Two numbers matter most, the monthly payment and the total interest. A low payment can hide a high total, so read both. Get offers from at least two lenders and use the same term and payment frequency for each, or the comparison isn’t fair, since a longer term can make a worse loan look cheaper each month. With a variable rate, run the tool at a higher rate too and see how much room your budget has.
Frequently asked questions
How is interest on a loan worked out?
Most loans charge interest on what's still owing, so each payment covers less interest and more principal as time goes on.
What's the quickest way to clear a credit card?
Pay more than the minimum. The payoff tool shows the months you save for each extra amount.
Do the tools count fees?
Only where there's a field for them. Add any set-up fee to the loan amount, or check the lender's cost of borrowing.
Is a longer term a better deal?
It lowers the payment but raises the total interest, so compare both figures.
Information only. This page is general information, not tax, legal or accounting advice. Tax-Services.ca is an independent publisher: we don't prepare or file tax returns or offer tax services, and we have no connection with the CRA, Revenu Québec, any government or any company named on this page. Check the figures that matter with an official source or a qualified professional.