💳 Borrowing Cost

Loan Interest Calculator Canada

See your exact payment amount, total interest cost, and the full breakdown of any Canadian loan or line of credit.

How much does borrowing really cost in Canada?

The advertised interest rate on a loan only tells part of the story. This calculator shows you the total interest you'll pay over the full term — whether it's a car loan, personal loan, student line of credit, or HELOC. Switching from monthly to bi-weekly payments can meaningfully reduce the total cost of borrowing on longer-term loans.

Loan Details
Loan Amount
$0
$
Annual Interest Rate
7.00%
Loan Term (Years)
5 yrs
Payment Frequency
Total Interest Paid
$0
–
Payment Amount
Your regular payment based on the frequency selected — the amount due each month, bi-week, or week until the loan is fully paid off.
$0
Total Payments
The true total cost of this loan — every dollar of principal borrowed plus every dollar of interest paid over the full term.
$0
Principal vs interest paid — by year

📉 Shop Your Rate

A 1% difference in interest rate on a $25,000 car loan over 5 years saves about $650 in interest. Always get quotes from your bank, a credit union, and the dealer before signing.

⚠️ Lines of Credit

HELOCs and lines of credit have variable rates tied to prime. When rates rise, your minimum payment stays the same but more goes to interest — meaning it takes longer to pay off.

💡 Prepay When You Can

Most Canadian personal loans allow early repayment. Even a single extra payment per year can save significant interest over a 5-year term without triggering penalties.