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🇨🇦 Canada / Loans
Calculate Canadian loan costs and repayments. Bank prime rate ~4.95%, federal student loans interest-free since 2023, personal loans 8-15% p.a.
8 calculators
Calculate your Canadian mortgage amortization schedule with monthly payment, principal, interest, and balance breakdown. See the full payment plan over 25 or 30 year terms.
Calculate monthly car loan payments and total interest for any Canadian auto loan. Enter vehicle price, down payment, interest rate, and term to compare financing options.
Compare consolidating multiple Canadian debts into a single loan. See monthly savings, total interest reduction, and payoff timeline from a lower-rate debt consolidation loan.
Calculate how long it takes to pay off Canadian debt using the avalanche or snowball method. Compare payoff strategies and find the fastest, cheapest way to become debt-free.
Calculate interest charges and repayment timeline on a Canadian personal or home equity line of credit (HELOC). See how much of each payment goes to interest vs principal.
Compare two or more Canadian loans side by side. Evaluate total interest, monthly payment, and effective APR across different loan amounts, rates, and terms.
Calculate monthly repayments and total interest on a Canadian personal loan. Compare fixed-rate offers from banks, credit unions, and online lenders across different terms.
Calculate monthly payments and payoff timeline for Canadian federal and provincial student loans. See repayment under NSLSC standard terms and Repayment Assistance Plan options.
Consumer lending in Canada is governed by a combination of federal and provincial law. The federal Interest Act requires that interest on most loans be expressed as an annual rate, while provincial consumer protection legislation sets maximum rates and disclosure requirements for specific loan types. Credit card issuers are federally regulated under the Bank Act, while payday lenders fall under provincial jurisdiction with caps typically set at $14–$17 per $100 borrowed.
The benchmark for variable-rate lending in Canada is the bank prime rate, which is tied to the Bank of Canada overnight rate with a typical spread of approximately 2.2 percentage points. Following the Bank of Canada's rate-cutting cycle in 2024 that brought the overnight rate from 5% to 3.25%, the prime rate stands at approximately 5.45%. Variable-rate mortgages, home equity lines of credit (HELOCs), and some personal loans are priced at prime plus or minus a margin, directly benefiting from rate cuts.
For personal loans from chartered banks, rates typically range from 8–15% per annum for creditworthy borrowers, with secured loans (backed by a vehicle or property) at the lower end and unsecured personal loans at the higher end. Credit unions often offer more competitive rates than banks and are popular lenders for personal and vehicle loans. Auto loan rates for new vehicles from captive finance arms of manufacturers can be as low as 0–3.9% during promotional periods, while standard bank financing runs 7–10%.
Federal Canada Student Loans became interest-free in April 2023, a significant policy change that eliminated the previous prime + 2.5% (floating) or prime + 5% (fixed) rates. Provincial student loans in some provinces remain interest-bearing. Income-contingent repayment assistance is available for federal loans through the Repayment Assistance Plan if payments would exceed 20% of family income.
HELOCs (Home Equity Lines of Credit) are widely used in Canada for home renovations and consolidating higher-rate debt. Most HELOCs are priced at prime rate with no premium, making them among the cheapest forms of credit for homeowners. However, OSFI's B-20 guideline caps standalone HELOCs at 65% LTV, and HELOCs that are part of a mortgage product are limited to 65% of the property value combined with any mortgage drawn to more than 80% LTV. Credit scores in Canada are issued by Equifax and TransUnion on a 300–900 scale, with scores above 720 generally qualifying for best rates.