Loan amortization
The gradual repayment of a loan through scheduled payments that cover interest and reduce principal.
2026 Canadian Loan Amortization Calculator
How will each payment reduce my loan?
See the principal and interest in every payment, compare extra payments and follow the balance to zero.
✓ 2026 rules · Last verified August 2026 · Based on official Canadian sourcesRegular payment including extra amount
$613
Planning estimate — not financial advice.
Scheduled payment before extra amount$513
Total interest$4,609
Total repaid$29,609
Interest saved with extra payments$1,166
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Payment-by-payment detail
Your loan amortization schedule
49 payments · Estimated payoff 2030-09-15
$1,166interest saved
Yearly summary
| Year | Payments | Principal | Interest | Ending balance |
|---|---|---|---|---|
| 2026 | 4 | $1,762 | $690 | $23,238 |
| 2027 | 12 | $5,594 | $1,761 | $17,644 |
| 2028 | 12 | $6,089 | $1,266 | $11,555 |
| 2029 | 12 | $6,627 | $728 | $4,928 |
| 2030 | 9 | $4,928 | $164 | $0 |
Full payment schedule
| # | Date | Payment | Principal | Interest | Balance |
|---|---|---|---|---|---|
| 1 | 2026-09-15 | $613 | $436 | $177 | $24,564 |
| 2 | 2026-10-15 | $613 | $439 | $174 | $24,125 |
| 3 | 2026-11-15 | $613 | $442 | $171 | $23,683 |
| 4 | 2026-12-15 | $613 | $445 | $168 | $23,238 |
| 5 | 2027-01-15 | $613 | $448 | $165 | $22,790 |
| 6 | 2027-02-15 | $613 | $451 | $161 | $22,338 |
| 7 | 2027-03-15 | $613 | $455 | $158 | $21,884 |
| 8 | 2027-04-15 | $613 | $458 | $155 | $21,426 |
| 9 | 2027-05-15 | $613 | $461 | $152 | $20,965 |
| 10 | 2027-06-15 | $613 | $464 | $148 | $20,500 |
| 11 | 2027-07-15 | $613 | $468 | $145 | $20,032 |
| 12 | 2027-08-15 | $613 | $471 | $142 | $19,561 |
| 13 | 2027-09-15 | $613 | $474 | $139 | $19,087 |
| 14 | 2027-10-15 | $613 | $478 | $135 | $18,609 |
| 15 | 2027-11-15 | $613 | $481 | $132 | $18,128 |
| 16 | 2027-12-15 | $613 | $485 | $128 | $17,644 |
| 17 | 2028-01-15 | $613 | $488 | $125 | $17,156 |
| 18 | 2028-02-15 | $613 | $491 | $122 | $16,664 |
| 19 | 2028-03-15 | $613 | $495 | $118 | $16,170 |
| 20 | 2028-04-15 | $613 | $498 | $115 | $15,671 |
| 21 | 2028-05-15 | $613 | $502 | $111 | $15,169 |
| 22 | 2028-06-15 | $613 | $505 | $107 | $14,664 |
| 23 | 2028-07-15 | $613 | $509 | $104 | $14,155 |
| 24 | 2028-08-15 | $613 | $513 | $100 | $13,642 |
| 25 | 2028-09-15 | $613 | $516 | $97 | $13,126 |
| 26 | 2028-10-15 | $613 | $520 | $93 | $12,606 |
| 27 | 2028-11-15 | $613 | $524 | $89 | $12,082 |
| 28 | 2028-12-15 | $613 | $527 | $86 | $11,555 |
| 29 | 2029-01-15 | $613 | $531 | $82 | $11,024 |
| 30 | 2029-02-15 | $613 | $535 | $78 | $10,489 |
| 31 | 2029-03-15 | $613 | $539 | $74 | $9,950 |
| 32 | 2029-04-15 | $613 | $542 | $70 | $9,408 |
| 33 | 2029-05-15 | $613 | $546 | $67 | $8,862 |
| 34 | 2029-06-15 | $613 | $550 | $63 | $8,312 |
| 35 | 2029-07-15 | $613 | $554 | $59 | $7,758 |
| 36 | 2029-08-15 | $613 | $558 | $55 | $7,200 |
| 37 | 2029-09-15 | $613 | $562 | $51 | $6,638 |
| 38 | 2029-10-15 | $613 | $566 | $47 | $6,072 |
| 39 | 2029-11-15 | $613 | $570 | $43 | $5,502 |
| 40 | 2029-12-15 | $613 | $574 | $39 | $4,928 |
| 41 | 2030-01-15 | $613 | $578 | $35 | $4,350 |
| 42 | 2030-02-15 | $613 | $582 | $31 | $3,768 |
| 43 | 2030-03-15 | $613 | $586 | $27 | $3,182 |
| 44 | 2030-04-15 | $613 | $590 | $23 | $2,591 |
| 45 | 2030-05-15 | $613 | $595 | $18 | $1,997 |
| 46 | 2030-06-15 | $613 | $599 | $14 | $1,398 |
| 47 | 2030-07-15 | $613 | $603 | $10 | $795 |
| 48 | 2030-08-15 | $613 | $607 | $6 | $188 |
| 49 | 2030-09-15 | $189 | $188 | $1 | $0 |
Understand the result
Loan Amortization
How the estimate is built
Uses a fixed annual nominal rate divided by the selected number of payments per year. Each period’s interest is charged on the opening balance, and the remainder of the payment reduces principal.
What to verify
This is for general fixed-rate instalment loans. It does not use Canadian mortgage semi-annual compounding and does not model variable rates, fees, insurance, payment holidays, lender rounding or penalties. Compare the result with the lender’s APR and disclosure statement.
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Continue →View every calculator in this category →Helpful answers
Frequently Asked Questions
How is a loan payment calculated?
A fixed-rate instalment-loan payment is calculated from the amount borrowed, annual interest rate, payment frequency and amortization period. Each payment first covers the interest accrued for that period, and the remainder reduces principal.
What does a loan amortization schedule show?
An amortization schedule shows every payment, the portion applied to interest, the portion reducing principal and the remaining balance. The yearly summary makes it easier to see how the interest share generally falls over time.
How do extra payments affect a loan?
An extra amount applied with every payment reduces principal sooner. That generally lowers future interest, shortens the payoff period and reduces the total amount repaid, provided the lender permits the extra payment without a fee or penalty.
Does this calculator work for Canadian mortgages?
No. This calculator is designed for general fixed-rate instalment loans using a nominal annual rate divided by the payment frequency. Canadian fixed-rate mortgages commonly use semi-annual compounding, so use Numevia’s Mortgage Payment Calculator for a mortgage.
Why might my lender’s loan payment be different?
A lender may use an annual percentage rate that includes fees, different compounding or day-count rules, payment-date adjustments, insurance, rounding or other contract terms. Compare the estimate with the disclosure statement before signing.
Official sources and rule record+
Methodology & official sources
How this estimate works
Uses a fixed annual nominal rate divided by the selected number of payments per year. Each period’s interest is charged on the opening balance, and the remainder of the payment reduces principal.
This is for general fixed-rate instalment loans. It does not use Canadian mortgage semi-annual compounding and does not model variable rates, fees, insurance, payment holidays, lender rounding or penalties. Compare the result with the lender’s APR and disclosure statement.
ca.expanded.2026.v1 · Effective 2026-01-01 · 2026 rules · Last verified August 2026 · Based on official Canadian sources