Loan Repayment Calculator Canada
Your monthly payment, total interest — and how much faster extra payments set you free.
Monthly Payment
$0
Total Interest
$0
With Extra Payments
$0
Paid Off
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How Extra Payments Destroy Interest
Every extra dollar goes straight to principal, which shrinks the balance that interest is charged on for every remaining month. On a $20,000 loan at 8.99% over 5 years, an extra $100/month saves roughly $1,000 in interest and clears the loan about a year early.
Most Canadian personal loans and lines of credit allow prepayment without penalty. If you carry multiple debts, pay minimums on all and target the highest rate first (avalanche method).
Frequently Asked Questions
How can I pay off my loan faster in Canada?
Add a fixed extra amount to every payment, switch to bi-weekly payments, or apply windfalls (tax refunds, bonuses) directly to principal.
Do extra loan payments have penalties?
Most personal loans and lines of credit are open and penalty-free to prepay. Some closed loans limit prepayment — check your agreement.
Should I pay off my loan or invest?
Compare the loan's interest rate to a realistic after-tax return. Paying off an 8.99% loan is a guaranteed 8.99% return — usually the better deal.