Line of Credit Calculator
Calculate interest costs and payoff timeline on a line of credit.
2026 Tax YearData stays on your deviceUpdated Apr 1, 2026
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$
Monthly Interest Cost
$120.00
Annual Interest
$1,440.00
Daily Interest
$3.95
Principal Paid/mo
$380.00
Payoff Time
3.8 years
Total interest: $2,938.44
Frequently Asked Questions
How is LOC interest calculated?
Most lines of credit charge simple interest daily on the outstanding balance. The rate is typically prime + a margin (e.g., prime + 0.5% for HELOC, prime + 2-5% for unsecured).
What is a HELOC?
A Home Equity Line of Credit is secured by your home and offers lower rates (typically prime + 0.5%). Maximum is usually 65% of home value. Interest-only payments are the minimum.
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Built and reviewed by Konstantin Iakovlev · Data from CRA, CMHC, Bank of Canada · MethodologyDisclaimer: This calculator provides estimates based on publicly available data from CRA and other government sources. It does not constitute financial advice. Consult a qualified advisor for decisions about your specific situation.
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