Loan payment calculator
Turn any loan amount, interest rate and term into a monthly payment, total interest and full amortization schedule. Add an optional extra payment to see how much faster — and cheaper — it's paid off. Works for personal and most fixed-rate loans in Canada.
Monthly payment
$487.54
How this estimate is calculated
We use the standard amortizing-loan (PMT) formula to find the level monthly payment that retires your balance over the term at your rate. Each month, interest is the balance times the monthly rate (APR ÷ 12) and the rest reduces principal. Any extra payment goes straight to principal, so the loan ends early.
See our full methodology for assumptions, limits and the 2026 data used.
Sources
- Bank of Canada — interest rates & financial data (as of 2026-02-28)
- Written by
- Colson — Founder & consumer-finance researcher, ColsonSuperApps LLC
- Verified
- Every figure checked against its cited primary source
- Last updated
- June 14, 2026
- Standards
- Editorial policy
These results are educational estimates based on the figures you enter and standard financial math, not financial advice or an offer of credit. Your actual rate, payment and terms depend on your credit, lender and other factors. Verify any number with the lender before you act.
Frequently asked questions
How is my monthly loan payment calculated?
It's the fixed payment that exactly pays off the loan over the term. Early payments are mostly interest; later ones mostly principal — which is why an early extra payment saves the most.
What does the amortization schedule show?
Month by month, how each payment splits between interest and principal and what balance remains — making clear why extra payments early in a long loan pay off most.