Tools
Extra payment savings calculator
A small extra payment each month can shorten your loan by many months and save you hundreds of dollars in interest.
Months saved
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Interest saved
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Without extra payment
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With extra payment
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To dig deeper, read our guide onpaying off a personal loan early.
Estimates are illustrative only — real terms vary by lender.
Frequently asked questions
How does paying extra work?+
Every dollar paid above the minimum goes straight to principal. Because interest is charged on the remaining balance, cutting that balance faster lowers the interest you pay and shortens the loan.
Are there penalties for paying early?+
It depends on your contract. Many personal loans in Canada carry no penalty, but some fixed-rate loans do. Check your agreement before making large extra payments.
Does the calculation include fees?+
No. The estimate is based on the balance, rate and payments you enter. It does not include any fees, penalties or insurance.
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