Car Loan and Personal Loan Payment Calculator
Turn a car's sticker price into the real monthly payment. Add your province's sales tax, your down payment and any trade-in. You get the amount financed, the payment at any frequency, total interest, your payoff date, and whether a cash rebate beats the dealer's low rate.
| Amount financed | $25,000.00 |
| Total interest | $5,679.47 |
| Total of payments | $30,679.47 |
Shorter or longer term
| Term | Payment | Total interest |
|---|---|---|
| 24 months | $1,119.20 | $1,861 |
| 36 months | $771.81 | $2,785 |
| 48 months | $598.54 | $3,730 |
| 60 months | $494.91 | $4,695 |
| 72 months | $426.11 | $5,680 |
| 84 months | $377.19 | $6,684 |
| 96 months | $340.72 | $7,709 |
Long terms (84 to 96 months) leave you owing more than the car is worth for years ("negative equity"). Most Canadians pick 72 months. A 48 to 60 month term keeps the interest down.
Payment schedule
| # | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $426.11 | $145.63 | $280.48 | $24,719.52 |
| 3 | $426.11 | $142.35 | $283.76 | $24,153.64 |
| 5 | $426.11 | $139.03 | $287.08 | $23,581.14 |
| 7 | $426.11 | $135.68 | $290.43 | $23,001.96 |
| 9 | $426.11 | $132.28 | $293.83 | $22,416.01 |
| 11 | $426.11 | $128.85 | $297.26 | $21,823.21 |
| 13 | $426.11 | $125.38 | $300.73 | $21,223.49 |
| 15 | $426.11 | $121.86 | $304.25 | $20,616.76 |
| 17 | $426.11 | $118.31 | $307.80 | $20,002.94 |
| 19 | $426.11 | $114.71 | $311.40 | $19,381.95 |
| 21 | $426.11 | $111.08 | $315.03 | $18,753.71 |
| 23 | $426.11 | $107.39 | $318.72 | $18,118.12 |
| 25 | $426.11 | $103.67 | $322.44 | $17,475.11 |
| 27 | $426.11 | $99.90 | $326.21 | $16,824.58 |
| 29 | $426.11 | $96.09 | $330.02 | $16,166.45 |
| 31 | $426.11 | $92.24 | $333.87 | $15,500.64 |
| 33 | $426.11 | $88.34 | $337.77 | $14,827.05 |
| 35 | $426.11 | $84.39 | $341.72 | $14,145.59 |
| 37 | $426.11 | $80.40 | $345.71 | $13,456.17 |
| 39 | $426.11 | $76.36 | $349.75 | $12,758.69 |
| 41 | $426.11 | $72.27 | $353.84 | $12,053.06 |
| 43 | $426.11 | $68.14 | $357.97 | $11,339.19 |
| 45 | $426.11 | $63.95 | $362.16 | $10,616.97 |
| 47 | $426.11 | $59.72 | $366.39 | $9,886.31 |
| 49 | $426.11 | $55.44 | $370.67 | $9,147.12 |
| 51 | $426.11 | $51.11 | $375.00 | $8,399.29 |
| 53 | $426.11 | $46.73 | $379.38 | $7,642.73 |
| 55 | $426.11 | $42.30 | $383.81 | $6,877.33 |
| 57 | $426.11 | $37.81 | $388.30 | $6,102.98 |
| 59 | $426.11 | $33.27 | $392.84 | $5,319.58 |
| 61 | $426.11 | $28.68 | $397.43 | $4,527.03 |
| 63 | $426.11 | $24.04 | $402.07 | $3,725.22 |
| 65 | $426.11 | $19.34 | $406.77 | $2,914.04 |
| 67 | $426.11 | $14.59 | $411.52 | $2,093.38 |
| 69 | $426.11 | $9.78 | $416.33 | $1,263.13 |
| 71 | $426.11 | $4.92 | $421.19 | $423.19 |
| 72 | $425.66 | $2.47 | $423.19 | $0.00 |
Show the math
Payment = P × i ÷ (1 − (1 + i)^−n) with i = APR ÷ 12 and n = 72 months × 12/12 (consumer loans compound at the payment frequency, unlike mortgages). Sales tax: Ontario HST on the price . Used private sales are taxed differently in several provinces. The rebate comparison totals all payments under each offer. The last payment absorbs rounding. Not modelled: insurance add-ons, balloon or residual payments (leases), and early-payoff penalties.
How this calculator works
The payment is the level amount that repays the loan with interest over the term: P × i ÷ (1 − (1 + i)−n). P is the amount borrowed, i is the monthly rate (APR ÷ 12) and n is the number of months. Total interest is the payment times the number of months, minus the amount borrowed. The term table runs the same formula for common terms.
Worked example: $35,000 at 6.99%
| Term | Monthly payment | Total interest |
|---|---|---|
| 24 months | $1,566.88 | $2,605 |
| 36 months | $1,080.54 | $3,899 |
| 48 months | $837.96 | $5,222 |
| 60 months | $692.88 | $6,573 |
| 72 months | $596.55 | $7,952 |
| 84 months | $528.07 | $9,358 |
| 96 months | $477.01 | $10,793 |
Assumptions
- Fixed rate for the whole term, monthly compounding, payments at the end of each month.
- No fees, insurance products or balloon payments. If you finance taxes and fees, include them in the amount borrowed.
Common questions
Frequently asked questions
- What is the monthly payment on a $35,000 car loan?
- At 6.99% over 60 months it is about $693 a month, with $6,570 of interest. Over 84 months the payment drops to about $528, but interest rises to about $9,340.
- Should I take a longer car loan for a lower payment?
- Only if you have to. An 84- or 96-month loan costs thousands more in interest, and you usually owe more than the car is worth for several years, which hurts if you sell it or write it off. Financial regulators suggest keeping car loans to 60 months or less. A ceiling of 48 to 60 months is reasonable. The term table shows the interest at each length.
- How is a loan different from a mortgage in Canada?
- Loans compound monthly, so the monthly rate is the annual rate divided by 12. Fixed-rate mortgages compound semi-annually by law. That makes their effective monthly rate slightly lower for the same posted rate.
- Can I pay a loan off early?
- Most car and personal loans let you prepay without penalty, and interest stops on the amount repaid. Check for administrative fees. Paying extra early in the term saves the most interest.
- What does APR include?
- The annual percentage rate must include mandatory fees and charges, not just the interest rate. That makes it the right number to compare between lenders.
- Is sales tax charged on the full car price or after the trade-in?
- In most provinces the trade-in lowers the taxable price when you trade at a dealer. A $35,000 car with a $10,000 trade-in is taxed on $25,000, which saves $1,300 in Ontario. Private sales are taxed differently. Ontario charges RST at the provincial rate, BC charges PST, and there is no federal tax.
- Should I take the 0% financing or the cash rebate?
- Take whichever leaves a lower total of payments. A $35,000 car at 0% for 60 months costs $35,000. With a $3,000 rebate at 6.99% it costs $32,000 plus about $6,000 of interest, slightly more, though the reverse is common. A $2,000 rebate financed at 6.99% beats 0% only when the financed amount is small. On $35,000 over 72 months, the 0% offer usually wins. Run both.
- Is a bi-weekly car payment better than monthly?
- Only slightly. Unlike an accelerated mortgage payment, a bi-weekly car payment is normally the monthly amount times 12 divided by 26. You pay the same per year and save only a little interest from paying sooner. Its real benefit is matching your paycheque.
Sources
Sources
Every figure on this page comes from one of these primary sources. Data last verified .
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