Free Tool — WealthFusions · 2026

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: 4.45% · Updated October 2026

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% (6.95%) P+1.5% (5.95%) P+0.5% (4.95%) 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 prime rate used is 4.45% (big-bank prime since October 2025, based on the Bank of Canada 2.25% policy rate; next decision October 28, 2026). Actual rates and compounding methods vary by lender. Not financial advice — consult a licensed advisor.