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Compare your current loan plan with extra monthly or one-time payments. See the estimated change in payoff time, interest, and total paid in CAD.
This calculator is an estimate only. Check your loan agreement or ask your lender whether extra payments are allowed and how they will be applied.
Loan Early Payoff Calculator Canada
Payoff estimate updated. With extra payments, estimated payoff is 3 years, 7 months, saving 1 year, 1 month and $1,357.30 in interest.
Estimated comparison
This compact preview shows selected checkpoints from the accelerated plan. Dates are estimated by adding full monthly payment periods to the current month.
On a small screen, scroll the table sideways to see every column.
| Period and estimated month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| Starting balanceDate available after page load | — | — | — | $25,000.00 |
| One-time extraDate available after page load | $1,000.00 | $1,000.00 | $0.00 | $24,000.00 |
| Month 1Date available after page load | $650.00 | $480.00 | $170.00 | $23,520.00 |
| Month 6Date available after page load | $650.00 | $497.24 | $152.76 | $21,068.52 |
| Month 12Date available after page load | $650.00 | $518.75 | $131.25 | $18,010.22 |
| Month 24Date available after page load | $650.00 | $564.61 | $85.39 | $11,490.99 |
| Month 36Date available after page load | $650.00 | $614.51 | $35.49 | $4,395.52 |
| Month 43Date available after page load | $620.32 | $615.95 | $4.36 | $0.00 |
All dollar amounts are shown in CAD. Estimates use monthly interest and assume every extra payment is applied directly to principal. Payoff dates identify an estimated month, not an exact lender due date.
Calculation methodology
The calculator starts with the current calendar month and adds the number of simulated monthly payment periods. A partial period would be rounded up to the next payment month. The result is deliberately shown as a month and year, not an exact due date.
Your lender's payment date, posting time, daily-interest treatment, and processing rules may produce a different payoff date.
The calculation does not include lender fees, prepayment penalties, variable interest rates, skipped or irregular payments, insurance, taxes, daily-interest posting, payment processing rules, or mortgage-specific terms.
Review your loan agreement and confirm payment instructions with your lender before sending extra money. This tool provides informational estimates, not financial, tax, or legal advice. The Financial Consumer Agency of Canada personal-loan guide notes that extra-payment permissions and early-payoff fees may differ by lender and agreement.
Tested examples
These examples are generated by the same calculation function used by the live tool and are covered by automated regression tests. Displayed currency is rounded to the nearest cent.
Methodology reviewed: August 19, 2026. The calculation logic is regression-tested. Published examples use the same function as the live tool, and changes are checked against schedule balances, final-payment handling, low-payment validation, and immediate one-time payoff behavior.
Found a possible issue? Send a correction request. Reports are reviewed against the implementation and test cases before a calculation or explanation is changed.
This loan tool uses simplified monthly interest. For a fixed-rate mortgage estimate that converts a nominal annual rate using semi-annual compounding and supports several regular payment frequencies, use the Mortgage Prepayment Calculator Canada.