Calculate your payments, total interest, and full cost including provincial sales tax
Vehicle price
$
$
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Beta
This calculator is in beta. While we've worked hard to get the numbers right, please verify important calculations with a financial professional.
Monthly payment
$0.00
Total Interest Paid
$0
Loan Breakdown
Vehicle price (before tax):$0
Sales tax GST + RST (12%):$0
Vehicle price after tax:$0
Down payment:$0
Loan amount:$0
Monthly payment:$0.00
Total payments:$0
Total interest paid:$0
Total cost of vehicle:$0
Amortization Schedule
Principal vs Interest Paid Per Year
Each bar shows how much of your yearly payments go toward the loan principal (green) versus interest (orange). Early years are interest-heavy; later years build equity faster.
Enter your vehicle price and loan details to see your payment and total cost.
How to Use the Car Loan Calculator
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.
How Car Loan Interest Works in Canada
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.
Provincial Sales Tax on Vehicle Purchases in Canada
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.