Vehicle price
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Monthly payment
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Total Interest Paid
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Loan Breakdown
Sales tax GST (5%):$0
Vehicle price after tax:$0
Loan amount:$0
Total interest paid:$0
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Calculate your payments, total interest, and full cost including provincial sales tax
Enter your vehicle price, down payment, annual interest rate, loan term, payment frequency, and province. The calculator will instantly show your estimated payment, total interest paid, and the full cost of ownership including provincial sales tax. The amortization chart shows you exactly how much of each year's payments go toward the loan principal versus interest, so you can see how equity builds over time. All calculations use the standard Canadian car loan formula and include the correct federal and provincial sales tax rates for your province.
Canadian car loans use simple interest amortization. Your periodic payment is fixed, but the split between principal and interest changes every period. In the early periods, most of your payment covers interest; in later periods, more goes toward the principal. Choosing a more frequent payment schedule (such as bi-weekly instead of monthly) reduces the total interest you pay because interest accrues on a lower average balance. For example, switching from monthly to bi-weekly payments on a $30,000 loan can save hundreds of dollars in interest over the life of the loan.
The sales tax you pay when buying a vehicle depends on your province. Ontario charges 13% HST, British Columbia charges 12% (5% GST + 7% PST). Alberta, the Northwest Territories, Nunavut, and Yukon charge only the 5% federal GST. Nova Scotia, New Brunswick, Newfoundland and Labrador, and Prince Edward Island all charge 15% HST. Manitoba charges 12% (5% GST + 7% RST) and Saskatchewan charges 11% (5% GST + 6% PST). This tax applies to the full purchase price of the vehicle before any down payment, so it directly increases the amount you need to finance.