Loans
Car loans, personal loans, credit cards
Canadian Loan and Credit Calculators
Personal lending in Canada includes car loans, personal lines of credit, student loans, credit cards, and home equity lines of credit (HELOCs). Interest rates vary dramatically: car loans typically range from 5–9%, personal loans from 7–15%, credit cards from 19.99–29.99%, and HELOCs at prime plus 0.5–1.5%.
Unlike mortgages, most Canadian consumer loans use monthly compounding. The Bank of Canada overnight rate (currently 2.75%) directly affects variable-rate products like HELOCs and lines of credit. Credit card interest compounds daily on unpaid balances, making them the most expensive form of borrowing.
Federal student loans in Canada now charge interest at the prime rate (no additional spread) and the interest paid qualifies for a non-refundable tax credit. The Repayment Assistance Plan (RAP) can reduce or eliminate payments for borrowers facing financial hardship.
Car Loan Calculator Canada
Calculate monthly car loan payments, total interest and overall cost for Canadian auto financing. Compare loan terms and rates to find the best deal.
Personal Loan Calculator Canada
Calculate monthly payments and total interest on a personal loan in Canada. Compare different interest rates and terms to minimize borrowing costs.
Credit Card Payoff Calculator Canada
Find out how long it takes to pay off your credit card debt and how much total interest you will pay. Build a faster Canadian debt payoff plan.
Debt Consolidation Calculator Canada
See if consolidating your debts into one loan saves money on interest. Compare your current payments with a single Canadian consolidation loan.
Student Loan Calculator Canada
Calculate Canadian student loan payments, repayment timeline and total interest paid. Covers federal and provincial loan repayment assistance.
Loan Comparison Calculator Canada
Compare two loan offers side by side to find the better deal. See total interest, monthly payments and overall cost differences for each option.
Line of Credit Calculator Canada
Calculate interest costs on a Canadian line of credit or HELOC balance. See how your payments reduce principal and total interest charges over time.
Frequently Asked Questions
What is the best way to pay off debt?
Two proven methods: the avalanche method (pay highest-interest debt first, mathematically optimal) and the snowball method (pay smallest balance first, psychologically motivating). Either is better than paying only minimums.
Is a HELOC better than a personal loan?
HELOCs offer lower rates (prime + 0.5–1.5%) because they are secured by your home. However, they put your home at risk and the variable rate can increase. A fixed-rate personal loan offers certainty but at a higher cost.
How long to pay off a credit card paying only minimums?
On a $5,000 balance at 19.99% with 2.5% minimum payments, it takes over 30 years and costs more than $7,000 in interest — more than the original balance.