This hub has 6 calculators for borrowing and paying down debt in Canada: car loans, personal loans, lines of credit, credit cards, the true cost of owning a car, and a snowball vs avalanche payoff comparison. Each shows the payment and the total interest, and the payoff tools add the months left to a zero balance. Run them before you sign, or on a balance you already carry.
- Car Loan Calculator
Work out a car loan payment with sales tax, down payment and trade-in.
- Personal Loan Calculator
Work out a personal loan payment and the total cost of borrowing.
- Credit Card & Debt Payoff Calculator
See how long a credit card balance takes to pay off and what extra payments save.
- Line of Credit Calculator
See the interest and payoff time on a line of credit.
- Debt Snowball vs Avalanche Calculator
Compares snowball, avalanche and minimum-only payoff for up to five debts.
- Car Ownership Cost Calculator
Yearly, monthly and per-kilometre cost of owning a car, with stated assumptions.
Which calculators help before I borrow?
Before you borrow, three calculators do most of the work.
- The car loan calculator works out the payment with provincial sales tax, a down payment and a trade-in, monthly or bi-weekly, and shows the total interest.
- The car ownership cost calculator adds depreciation, insurance, fuel, repairs and parking to the loan interest, so you see the cost per month and per kilometre. A payment that fits your budget can still sit on top of a car that doesn’t.
- The personal loan calculator lines up different terms so you can see how a longer term trims the payment and raises the interest.
Buying a home instead? Use the mortgage payment calculator, which handles amortization and payment frequency for a mortgage.
How do I pay off debt I already have?
Start with the debt that costs the most. The credit card payoff calculator shows how long a balance takes to clear and what a bigger monthly payment saves. A line of credit charges interest only on the balance you use, so the line of credit calculator models your draws and repayments.
Juggling several balances? The debt snowball vs avalanche calculator takes your debts and a monthly budget, then compares snowball, avalanche and minimum payments by months to debt free, total interest and payoff order. Use it to see what paying the smallest balance first costs you in extra interest. Paying more each month, or every two weeks, cuts the interest on any of them.
What should I look at in the results?
Two numbers matter most: the monthly payment and the total interest. A low payment can hide a high total, so read both. Get offers from at least two lenders and use the same term and payment frequency for each, because a longer term can make a worse loan look cheaper each month. The Financial Consumer Agency of Canada’s page on loans and lines of credit points to guides on comparing options.
With a variable rate, run the tool at a higher rate too and see how much room your budget has. Results assume a fixed rate unless a page says otherwise, and your lender’s contract sets the exact figures. If you’d rather watch savings grow than debt shrink, the compound interest calculator does that.
Frequently asked questions
How is interest on a loan worked out?
Most loans charge interest on what's still owing, so each payment covers less interest and more principal as time goes on. The loan calculators show the split over the term.
What's the quickest way to clear a credit card?
Pay more than the minimum. The credit card payoff calculator shows the months and the interest you save for each extra amount, so you can pick a payment that fits your budget.
Do the tools count fees?
Only where there's a field for them. Add any set-up fee to the loan amount, or check the lender's cost of borrowing, since your contract sets the exact figures.
Is a longer term a better deal?
It lowers the payment but raises the total interest, so compare both figures. A longer term can make a costly loan look cheap each month while you pay far more overall.
Should I use the snowball or the avalanche method?
The avalanche pays the highest-rate debt first and usually costs less interest. The snowball pays the smallest balance first and gives quicker wins. The debt snowball vs avalanche calculator compares months and interest on your own debts.
What does a car really cost per month?
More than the loan payment. Depreciation, insurance, fuel, repairs, parking and sales tax all count. The car ownership cost calculator adds them up per year, per month and per kilometre.