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Loan and Mortgage Calculator
Click the above link to open the calculator in a new window.See new print function - printing with no ads, headers, etc.
See how much interest you can save by paying down your debt more quickly! Input up to 3 different payment options for your loan/mortgage, to see a side-by-side comparison. See how much sooner your debt will be repaid if you increase your regular payment.
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payment frequencies:
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| accepts amortization periods of up to 40 years, in months or years | ||||||||||||
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allows various compounding frequencies:
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| shows the effective interest rate | ||||||||||||
| shows interest savings when regular payments are increased | ||||||||||||
| allows input of an extra payment annually | ||||||||||||
| shows how much sooner the debt will be repaid with increased payments | ||||||||||||
| shows the outstanding loan balance at any point in the future based on input by the user |
See our glossary article which explains nominal and effective interest rates, and compound interest.
Tax Tips:
Pay down all non-tax-deductible debt with over 8% interest, then see our Save and Invest page.
TaxTips.ca Resources
Pay Down Non-Tax-Deductible Debt as Quickly as Possible
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Revised: September 20, 2024