# Loan and Debt Calculators for Canadians

> Six loan and debt calculators for Canada: car loans, personal loans, lines of credit, credit cards, car ownership cost and snowball vs avalanche

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.

## Which calculators help before I borrow?

Before you borrow, three calculators do most of the work.

- The [car loan calculator](https://tax-services.ca/calculators/loans-debt/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](https://tax-services.ca/calculators/loans-debt/car-ownership-cost) 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](https://tax-services.ca/calculators/loans-debt/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](https://tax-services.ca/calculators/mortgage/mortgage-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](https://tax-services.ca/calculators/loans-debt/credit-card-payoff) 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](https://tax-services.ca/calculators/loans-debt/line-of-credit) models your draws and repayments.

Juggling several balances? The [debt snowball vs avalanche calculator](https://tax-services.ca/calculators/loans-debt/debt-snowball-vs-avalanche) 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](https://www.canada.ca/en/financial-consumer-agency/services/loans.html) 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](https://tax-services.ca/calculators/savings-budget/compound-interest-calculator) does that.

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Source: https://tax-services.ca/calculators/loans-debt
Last updated: 2026-10-01
Independent information site. Not affiliated with the CRA. No services, no guarantee of accuracy. See https://tax-services.ca/disclaimer