Car Loan and Personal Loan Payment Calculator
Turn a car's sticker price into the real payment: sales tax for your province, down payment and trade-in, the amount financed, the payment at any frequency, total interest, the date you are paid off, and whether a cash rebate beats the dealer's low rate.
Your payment, every month$426.11On $25,000 At 6.99% over 72 months you pay $5,679 of interest and are paid off on September 7, 2032.
Amount financed $25,000Interest over the term $5,679
| 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 (84–96 months) mean you owe more than the car is worth for years ("negative equity"); the 72-month row is the most common in Canada, but 48–60 months keeps the interest reasonable.
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.
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 and $6,570 of interest. Over 84 months the payment drops to about $528 but interest rises to about $9,340. The calculator shows every term side by side.
- Should I take a longer car loan for a lower payment?
- Only if you need to. An 84- or 96-month loan costs thousands more in interest and leaves you owing more than the car is worth for years, which is a problem if you sell or write it off. Financial regulators suggest keeping car loans to 60 months or less.
- Is 0% dealer financing really free?
- Often it replaces a cash rebate. Compare the total cost: a $35,000 car at 0% for 60 months costs $35,000; the same car with a $3,000 rebate at 6.99% costs $32,000 plus about $6,000 of interest, so the rebate plus bank financing is slightly more expensive here, but the reverse is common. Run both.
- 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, which makes their effective monthly rate slightly lower for the same posted rate.
- Can I pay a loan off early?
- Most car and personal loans allow prepayment 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, so it is 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 reduces 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 in Ontario saves $1,300. Private sales are taxed differently (RST at the provincial rate in Ontario, PST in BC, none federally).
- Should I take the 0% financing or the cash rebate?
- Take whichever leaves a lower total of payments. A $2,000 rebate financed at 6.99% often beats 0% on a long term only when the financed amount is small; on $35,000 over 72 months, the 0% offer usually wins. Enter both and the calculator totals each.
- Is a bi-weekly car payment better than monthly?
- Only slightly. Unlike accelerated mortgage payments, a bi-weekly car payment is normally the monthly amount times 12 divided by 26, so you pay the same per year and save only a little interest from paying sooner. Its real benefit is matching your paycheque.
- How long a car loan is too long?
- Beyond 60 months you typically owe more than the car is worth for several years, and 84- or 96-month loans can cost thousands more in interest while trapping you if you need to sell. The term table shows the interest at each length; 48 to 60 months is a reasonable ceiling.
Sources
Sources
Every figure on this page comes from one of these primary sources. Data last verified .
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