Loan repayment calculator
Enter the amount, interest rate and term. Compare equal with decreasing instalments and see what the loan really costs.
Result
- Total repaid
- 863,506.43
- Total cost (interest + fee)
- 463,506.43
- RRSO
- 7.442%
- Interest with decreasing instalments
- 361,200.00
| # | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | 2,878.35 | 478.35 | 2,400.00 | 399,521.65 |
| 2 | 2,878.35 | 481.22 | 2,397.13 | 399,040.42 |
| 3 | 2,878.35 | 484.11 | 2,394.24 | 398,556.31 |
| 4 | 2,878.35 | 487.02 | 2,391.34 | 398,069.29 |
| 5 | 2,878.35 | 489.94 | 2,388.42 | 397,579.35 |
| 6 | 2,878.35 | 492.88 | 2,385.48 | 397,086.47 |
| 7 | 2,878.35 | 495.84 | 2,382.52 | 396,590.64 |
| 8 | 2,878.35 | 498.81 | 2,379.54 | 396,091.83 |
| 9 | 2,878.35 | 501.80 | 2,376.55 | 395,590.02 |
| 10 | 2,878.35 | 504.81 | 2,373.54 | 395,085.21 |
| 11 | 2,878.35 | 507.84 | 2,370.51 | 394,577.36 |
| 12 | 2,878.35 | 510.89 | 2,367.46 | 394,066.47 |
| Year | Principal paid | Interest | Balance |
|---|---|---|---|
| 1 | 5,933.53 | 28,606.73 | 394,066.47 |
| 2 | 6,375.12 | 28,165.13 | 387,691.35 |
| 3 | 6,849.59 | 27,690.67 | 380,841.76 |
| 4 | 7,359.36 | 27,180.90 | 373,482.40 |
| 5 | 7,907.08 | 26,633.18 | 365,575.33 |
| 6 | 8,495.55 | 26,044.70 | 357,079.77 |
| 7 | 9,127.83 | 25,412.43 | 347,951.94 |
| 8 | 9,807.16 | 24,733.10 | 338,144.79 |
| 9 | 10,537.05 | 24,003.21 | 327,607.74 |
| 10 | 11,321.26 | 23,219.00 | 316,286.48 |
| 11 | 12,163.84 | 22,376.42 | 304,122.64 |
| 12 | 13,069.12 | 21,471.14 | 291,053.52 |
| 13 | 14,041.78 | 20,498.48 | 277,011.75 |
| 14 | 15,086.82 | 19,453.43 | 261,924.92 |
| 15 | 16,209.65 | 18,330.61 | 245,715.27 |
| 16 | 17,416.04 | 17,124.22 | 228,299.23 |
| 17 | 18,712.21 | 15,828.04 | 209,587.02 |
| 18 | 20,104.85 | 14,435.40 | 189,482.17 |
| 19 | 21,601.14 | 12,939.12 | 167,881.03 |
| 20 | 23,208.79 | 11,331.47 | 144,672.24 |
| 21 | 24,936.08 | 9,604.18 | 119,736.16 |
| 22 | 26,791.93 | 7,748.33 | 92,944.23 |
| 23 | 28,785.90 | 5,754.36 | 64,158.33 |
| 24 | 30,928.26 | 3,611.99 | 33,230.07 |
| 25 | 33,230.07 | 1,310.18 | 0.00 |
Calculated at a fixed rate. The APR only includes the fee; insurance and other bank charges raise it further. This is a simulation, not an offer.
Equal or decreasing instalments?
With equal instalments you pay the same every month, but early payments are mostly interest. With decreasing instalments the principal part is fixed, so the first payments are higher but total interest is lower. The tool shows both side by side.
The annuity formula
A = P · r / (1 − (1 + r)⁻ⁿ), where P is the loan amount, r the monthly rate (annual / 12) and n the number of payments.
What is the APR?
The annual percentage rate includes not only interest but also fees and other costs. It lets you compare offers with different nominal rates and fees.
Common questions
Does it account for rate changes?
No. It assumes a fixed rate for the whole term. To test a scenario, enter a different rate and compare.