Find the monthly payment, total interest and total cost of a car loan, with the amortization schedule — for a new or used car.
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Amortization schedule (per year)
| Year | Paid | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 19,928 | 6,662 | 13,266 | 66,734 |
| 2 | 19,928 | 5,417 | 14,511 | 52,223 |
| 3 | 19,928 | 4,056 | 15,872 | 36,351 |
| 4 | 19,928 | 2,567 | 17,361 | 18,990 |
| 5 | 19,928 | 938 | 18,990 | 0 |
Amounts are aggregated per year. Early on you pay more interest, and toward the end more principal.
Indicative loan figures. The payment uses the annuity formula (fixed rate). The real interest and APR depend on the bank, on IRCC and on fees — the figures here are estimates. Instant in-browser calculation, no account.
The fixed monthly payment uses the annuity formula, from the loan amount, the monthly rate (annual ÷ 12) and the number of months:
For 80,000 over 5 years at 9% interest: the monthly payment is about 1,661, and the total interest nearly 20,000.
With the annuity formula, from the financed amount, the monthly rate and the number of months. For example, 80,000 over 5 years at 9% is a payment of about 1,661 per month.
Car-loan interest is usually between mortgage and personal-loan rates, indicatively around 7–10% a year, depending on the bank, the down payment and the car’s age.
Many car loans can be taken with zero down payment, but 15–25% reduces the financed amount, the monthly payment and the total interest. A larger down payment often earns a better rate.
With a car loan you own the car immediately. With leasing the payments can be lower, but the car stays with the financier until the end; leasing is often used by companies for tax advantages.
The amount depends on income and the debt ratio (total payment ≤ 40% of net income). The larger the down payment, the smaller the financed amount and the payment.
Yes, most banks finance second-hand cars too, provided their age at the end of the loan does not exceed a limit (often 8–12 years). The interest may be slightly higher.
Besides the payment: the analysis fee, full CASCO insurance (often mandatory during the loan), third-party insurance and registration fees. CASCO can add a significant monthly amount.
Yes, partially or fully, at any time. Early repayment reduces the total interest paid; choosing to shorten the term rather than lower the payment saves the most.