Amortization Calculator | Mehmi Financial Group

Amortization Calculator

View detailed payment schedules, see how payments split between principal and interest, and explore early payoff strategies.

Loan Amortization Schedule

See exactly how each payment is divided between principal and interest over the life of your loan. Early payments are mostly interest, while later payments go primarily toward principal.

Monthly Payment
$0
60 payments at 7.5% APR

Loan Summary

Principal$100,000
Total Interest$0
Total Cost$0
Principal Interest

Amortization Schedule

With amortization, each payment is split between interest and principal. Interest is calculated on the remaining balance, so early payments have higher interest portions.

As you pay down the principal, more of each payment goes toward principal and less toward interest.

Tip 1: Making extra payments early in the loan saves the most interest.

Tip 2: Even small additional payments can significantly reduce total interest.

Tip 3: Check if your loan has prepayment penalties before making extra payments.

*All amounts in Canadian dollars. Estimates only—this is not a financing offer or approval. Taxes (GST/PST/HST) NOT included.

Use this calculator to estimate a loan payment schedule and see how each payment reduces principal and pays interest over time. Enter loan amount, annual percentage rate, and term to view a detailed schedule, annual summary, and extra payment scenarios.

What you can do on this page

  • Estimate monthly payment from loan amount, annual percentage rate, and term
  • View a detailed amortization schedule with remaining balance per payment
  • See total interest and total cost over the life of the loan
  • Model extra payments to estimate time saved and interest savings
  • Review an annual summary for planning and forecasting

FAQs

Everything you need to know about how this calculator works, what the results mean, and what is included. If you need a quote or help reviewing your numbers, feel free to contact our credit analysts.
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What is an amortization schedule?
A payment-by-payment table that shows how much goes to principal, how much goes to interest, and your remaining balance.
How is the monthly payment calculated?
It is based on your loan amount, annual percentage rate, and term, using a standard fixed-payment formula.
Why do early payments include more interest?
Interest is calculated on the remaining balance, which is highest at the start, so the interest portion is larger early on.
What happens if I make extra payments?
Extra payments reduce the balance faster, which usually lowers total interest and shortens the payoff timeline.
Does this apply to business equipment loans?
Yes. Many fixed-rate business loans follow amortization schedules, but actual lender terms can vary.
Is loan interest tax-deductible in Canada?
Often it can be for business purposes, but rules vary. Confirm with your accountant. Planning only, not tax advice.

Disclaimer:
This Truck & Heavy Equipment Financing Calculator is provided for informational purposes only. It offers estimates based on the information provided and current average rates, which may vary depending on individual creditworthiness, lender policies, market conditions, and other factors. This calculator does not constitute a loan offer, lease offer, or approval from Mehmi Financial Group or its affiliates. Please contact Mehmi Financial Group directly to confirm current rates, terms, and actual financing availability. Mehmi Financial Group accepts no liability for decisions made using this calculator.

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