Loan and car loan calculator
Work out the payment and total interest on a car loan or personal loan, and see how a shorter or longer term changes what you pay.
Free · No sign-up · Updated October 2026
$511.33monthly payment
- Amount borrowed
- $30,000
- Total interest
- $6,815
- Total cost of the loan
- $36,815
Shorter term vs longer term
| Term | Monthly payment | Total interest |
|---|---|---|
| 36 months (3 years) | $926.18 | $3,342 |
| 48 months (4 years) | $718.25 | $4,476 |
| 60 months (5 years) | $593.89 | $5,634 |
| 72 months (6 years) | $511.33 | $6,815 |
| 84 months (7 years) | $452.63 | $8,021 |
Longer terms lower the payment but add interest. Rates and fees vary by lender; this is an estimate.
How this calculator works
How payments are worked out
We use the standard loan formula with the rate divided by the number of payments a year. Car loan mode subtracts your down payment and trade-in from the price first.
The comparison table shows the same loan over 36 to 84 months so you can see the trade-off between payment and interest.
An estimate
Lenders may calculate interest differently, add fees or require insurance. Confirm the payment and total cost of borrowing in your loan agreement.
Questions
How are car loan payments calculated?
The payment spreads the amount borrowed, after your down payment and trade-in, over the term at the loan’s interest rate. For example, $30,000 at 6.99% costs about $511.33 a month over 72 months.
Is a longer car loan worth it?
A longer term lowers the payment but adds interest. In the example above, 84 months drops the payment to about $452.63 but raises total interest to about $8,021, compared with about $5,634 over 60 months.
Do bi-weekly payments save money on a loan?
They can save a little interest because the balance falls slightly faster, but the bigger saving comes from paying more each year. Check whether your lender charges interest per payment period.
Can I pay off a car loan early in Canada?
Often, yes, though terms vary. Some loans are open and allow early repayment without a penalty, while others charge a fee. Check your loan agreement before paying extra.
Should I include taxes in the vehicle price?
Yes, if you’re financing them. Sales tax and dealer fees are often added to the amount borrowed, so include them in the price to see your real payment.
Results are estimates for general information, not financial advice. Confirm rates, fees and terms with your card issuer or bank. See our methodology.