Loan Calculator for Canada
Advanced loan calculator with extra payment analysis and interest savings.
Region: Canada (CAD)
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Quick Tip
Use the APR from your cost of borrowing disclosure and test a higher rate if the loan is variable.
About This Tool
Why use Loan Calculator?
Personal loans, car loans and lines of credit in Canada must come with a cost of borrowing disclosure that shows the APR and the total interest over the term. Fixed-rate instalment loans have a predictable payment, while lines of credit usually have variable rates tied to the lender's prime rate.
Lenders assess affordability with debt service ratios. For housing, the gross debt service (GDS) ratio covers housing costs, and the total debt service (TDS) ratio adds all other debts. Keeping these ratios low improves approval odds and the rate you are offered.
Key Benefits
Instalment loan payment
See the regular payment on a fixed-rate personal or car loan in Canadian dollars.
Prepayment savings
Model extra payments; many Canadian personal loans allow prepayment, but check your agreement.
Debt service awareness
Compare the payment with your income to keep GDS and TDS ratios reasonable.
How to use Loan Calculator
- 1
Use the APR from your cost of borrowing disclosure and test a higher rate if the loan is variable.
- 2
Enter the loan amount you plan to borrow.
- 3
Add the annual interest rate (use the APR for a fair comparison) and the term in years.
- 4
Optionally enter an extra monthly payment.
- 5
Review the monthly payment, total interest, payoff time and interest saved.
Best use cases
Compare the monthly payment on the same loan over different terms.
See how much an extra monthly payment shortens the loan and how much interest it saves.
Budget for a personal or car loan before you apply.
Check a lender's quoted payment against the standard amortization formula.
Loan Calculator FAQs
What are GDS and TDS ratios?
The gross debt service ratio compares housing costs with gross income. The total debt service ratio adds all other debt payments. Lenders use both to decide how much you can borrow.
Is a line of credit cheaper than a personal loan?
Lines of credit often have lower variable rates and flexible repayment, but the rate can rise and it is easy to carry a balance for years. A fixed loan gives a set payoff date.
Can I pay off a Canadian car loan early?
Many loans allow early repayment, but some charge fees or have specific conditions. Review the cost of borrowing disclosure and loan agreement before making large extra payments.
Which currency does this loan calculator use?
Amounts are shown in Canadian Dollars (CAD). The formulas are the same everywhere, so you can switch to another country version if you need a different currency.
Related Finance Tools
More free finance tools that work well alongside the Loan Calculator.