§ Calculator · Loans
Existing loan balance
What this is
What do you still owe on a loan you’ve been paying?
Closed-form balance calculation: remaining = original × (1+r)^n − payment × ((1+r)^n − 1) / r. Used to check the bank’s payoff quote, or estimate the cash needed for a buyout.
Monthly payment
$701
Remaining balance
$25,835
Principal paid
$9,165
Interest paid
$3,456
Payments left
42
Total paid so far
$12,621
Banks may charge a discharge / prepayment fee on top of the principal balance. Always ask for a written payoff quote good for ~30 days before sending funds.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.