What’s the payment on this loan? Whether it is a car loan, a personal loan or a line of credit you are turning into a fixed payoff plan, the payment depends on three things: how much you borrow, the APR, and how long you take to pay it back. Enter them below and this calculator gives you the payment, the total interest, the total cost, and a year-by-year amortization table.
This calculator uses standard monthly compounding for personal loans — interest is charged at APR divided by 12 each month. That is different from the mortgage calculator on this site, because Canadian mortgages compound semi-annually. See the methodology box below for why the two numbers differ.
Calculate your loan payment
Bi-weekly payments are half the monthly payment, made 26 times a year — so you make one extra monthly payment a year and finish sooner.
Your loan payment
Methodology verified November 9, 2026
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How the loan payment is calculated
The payment comes from the standard amortization formula: payment = P × r / (1 − (1 + r)^−n), where P is the amount borrowed, r is the interest rate per payment period (APR divided by 12 for monthly payments), and n is the number of payments. Each payment first covers that period’s interest, and the rest cuts the balance. The last payment is smaller — you only pay what is left.
Bi-weekly payments are half the monthly payment, made 26 times a year. That adds up to 13 monthly payments a year instead of 12, so the loan finishes sooner and costs less interest. The table at the bottom shows the actual number of payments, which is fewer than the full term when you pay bi-weekly.
Assumptions and methodology
Monthly compounding. Personal loans in Canada compound monthly: the interest rate for each payment period is APR divided by 12 (or APR divided by 26 for a bi-weekly period). This is the correct convention for a personal, car or consolidation loan.
Why this differs from a mortgage. Canadian mortgages compound semi-annually, not monthly. A mortgage at the same APR has a slightly lower effective monthly rate, so its payment is a little lower than this calculator would give for the same amount and term. Use the Mortgage Calculator for a mortgage, and this calculator for personal loans.
Assumptions. A fixed APR for the whole term, no fees, no extra charges, and payments made on schedule. An optional extra payment each period shortens the loan and lowers the total interest; leave it at $0 for the standard schedule.
Privacy. This calculator runs entirely in your browser. Nothing you enter is stored or sent anywhere.
Frequently asked questions
Why is the payment different from the Mortgage Calculator?
Because Canadian mortgages compound semi-annually and personal loans compound monthly. At the same APR, a mortgage has a slightly lower effective monthly rate, so its payment is a little lower. Use the Mortgage Calculator for a home loan and this calculator for a personal, car or consolidation loan.
Does the payment include fees or insurance?
No. The payment covers principal and interest only. Lender fees, loan protection insurance and taxes are separate.
What if my APR changes?
This calculator assumes a fixed APR for the whole term. If your loan has a variable rate, the payment will change when the rate changes — run the numbers again at the new rate.
What does the bi-weekly option do?
It takes half your monthly payment every two weeks, 26 times a year. That is 13 monthly payments a year instead of 12, so the loan is paid off sooner and you pay less interest overall. The results show the actual number of payments.
Can I pay off the loan early?
Most Canadian personal loans allow extra payments or early payoff, sometimes with a prepayment charge — check your loan agreement. Enter an extra payment above to see how much it saves.
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