Loan repayment calculator
Find your path to paid off. Try different payments and a one-time extra.
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Your loan
Fixed ratePay it down faster
Payment 1 is your first scheduled payment. Check the lender’s prepayment conditions.
Rate convention and fees
Added to the starting balance and included in interest. Do not include them again in the loan balance or upfront fee.
A clearer finish line
Assumptions$500.95 CAD
Your path to paid off
Loan balance (CAD)Rate convention: nominal. Starting financed balance: $25,000.00. Total interest and entered fees: $5,056.96; total cash paid including upfront fees: $30,056.96. The recurring payment is $500.95 plus $0.00 extra. A one-time amount is separate. The final payment settles the remaining balance.
Keep a plan. Try a what-if.
Save a comparison, then change your numbers. Inputs stay in this browser.
The longer view
Year-by-year repayment
| Year | Principal paid | Interest paid | Balance remaining |
|---|---|---|---|
| 1 | $4,281.59 | $1,729.81 | $20,718.41 |
| 2 | $4,613.97 | $1,397.43 | $16,104.44 |
| 3 | $4,972.18 | $1,039.22 | $11,132.26 |
| 4 | $5,358.16 | $653.24 | $5,774.10 |
| 5 | $5,774.10 | $237.26 | $0.00 |
How do extra payments change a loan?
Extra principal payments reduce the balance on which future interest is calculated. Under this fixed-rate reducing-balance model, that can lower total interest and shorten repayment time. Enter the contract interest rate and check lender fees and prepayment conditions separately.
Reviewed October 23, 2026 by DollarMath. Educational estimates. Sources and calculation scope.
Common questions
What is the payment on a $10,000 loan at 6% over five years?
Using a nominal annual rate of 6% divided into monthly periods, the regular payment is $193.33 per month before fees. Interest and payments are rounded to cents, and the final payment settles the remaining balance.
Are extra loan payments always allowed without a penalty?
No. The calculator assumes extra principal payments are permitted and does not automatically apply prepayment charges. Check the loan agreement for restrictions, timing and charges before making a larger payment. Enter known upfront or financed fees separately.
Should I enter the interest rate or APR?
Enter the contract rate with its matching nominal or effective annual convention. APR can include fees and regulatory assumptions that this model does not reproduce. Upfront and financed fees can be entered separately, but avoid counting fees already included in the rate or balance. Lender-specific daily-interest rules and regulatory APR calculations are excluded.
Can I use this for a Canadian fixed-rate mortgage?
Use the dedicated mortgage calculator for that. It models Canadian semi-annual compounding and accelerated mortgage schedules. This loan tool offers generic nominal or effective annual conventions and recalculates regular payments when the frequency changes.
The math behind your plan
Rule version: fixed-loan-v2. This is a generic loan model, separate from Canadian mortgage compounding.
A fixed-rate, reducing-balance loan
We divide the nominal annual interest rate by 12, 26, or 52 for your selected frequency. The scheduled payment is P × i / (1 − (1 + i)^−n), where P is principal, i is the periodic rate, and n is the scheduled number of payments. At zero interest, payment is principal divided by n.
Payments and each period’s interest are rounded to cents. Extra recurring payments and a one-time payment reduce principal after interest for that period. The final scheduled payment settles any remaining rounding balance. A one-time payment is capped at the remaining balance and is not charged if you have already paid off the loan.
Rate conventions and fees
The default uses a nominal annual rate divided by the number of payment periods. Effective annual mode instead uses (1 + annual rate)^(1 / periods) − 1. A 6% effective rate and a 6% nominal rate produce different payments. Published APRs can include fees and regulatory conventions that this model does not calculate.
Financed fees are added to the starting balance and earn interest. Upfront fees are paid separately. Total borrowing cost includes interest and both fee amounts; total cash paid includes repayments and upfront fees. Enter each fee once. These assumptions can illustrate refinancing costs without implying lender approval.
A worked example
A $10,000 loan at 6% over five years has a monthly payment of $193.33 under this nominal-rate model, before fees.
What to check with the lender
Prepayment penalties, variable rates, promotional rates, lender-specific daily-interest conventions, and insurance are excluded. A quoted APR can include fees, so enter the contract interest rate. This calculator does not model credit-card minimum payments or multiple-debt snowball and avalanche strategies.
Changing frequency recalculates the regular payment over the same term. It does not automatically add an accelerated monthly-equivalent payment. Timelines use equal payment periods rather than exact calendar dates.
Canadian mortgages use a different convention
For a fixed-rate Canadian mortgage, use the mortgage calculator, which models semi-annual compounding and accelerated frequencies.
Sources and next steps
For several balances, compare the debt snowball and avalanche strategies. These results are educational estimates, not a lender quote or personalized financial advice.