Free Tool — WealthFusions · 2025

Line of Credit
Interest Calculator

See the real daily cost of your LOC balance. Compare minimum payments vs fixed payments vs aggressive payoff — with Canadian prime rate and daily compounding.

Bank of Canada Prime Rate: 5.20% · Updated 2025

Cost per day

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Cost per month

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Cost per year

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Total interest (payoff)

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Your LOC Details

Current balance Amount you owe now

Credit limit Total approved limit

Interest rate Annual rate on your LOC

P+2.5% (7.70%) P+1.5% (6.70%) P+0.5% (5.70%) CC (19.99%)

Compounding How often interest accrues

Monthly income deposited If using LOC as chequing

Payment Strategy

Payment mode

New purchases per month Ongoing draws

Three payment scenarios compared

What this LOC costs while you sleep

Per hour

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ticking away

Per day

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in interest

Per week

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compounding

Since Jan 1

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days elapsed

Balance over time — all three scenarios

Interest only (min payment) Fixed payment Target-date payoff

Month-by-month schedule (your chosen strategy) ▼

For educational purposes only. Interest calculations use daily compounding on the outstanding balance, consistent with Canadian lender practices. The Bank of Canada Prime Rate used is 5.20% (2025). Actual rates and compounding methods vary by lender. Not financial advice — consult a licensed advisor.