How to use it: type your numbers in the boxes (the examples are only there to show how it works) and the results update right away. Nothing is sent to us. Use Save my numbers to keep a copy on your own computer.
What this tool does and does not include
- The starting numbers are examples only. Replace them with your own.
- Simplified estimates. The payment uses a plain monthly calculation and leaves out lender rules, fees, taxes and changes to your balance.
- Rates and rules change. Confirm them with the firm or the government before you act.
- Information only. This is not tax, accounting, legal or financial advice.
Good to know
- A small change in rate matters more on a bigger balance and a longer repayment period.
- Variable-rate loans and lines of credit move with the prime rate. Fixed-rate loans change only when you renew.
- If you run a business, think about how many extra sales it would take to cover higher interest, and whether paying down debt or fixing the rate makes sense.
- Compare your lender's renewal offer against a few other lenders, and ask about penalties for paying early.
Rates and borrowing help
Links open other websites. Programs change, so check each one is current.
- Market Snapshot – the prime rate and Bank of Canada rates
- Loan, Mortgage and Lease Calculator – payments, extra payments and total interest
- Multi-Debt Payoff Planner – pay several debts down faster
- Bank of Canada key interest rate – the policy rate and announcement dates
- Talk to the firm – book an initial consultation
More on rates and markets
Want advice for your own situation?
This free tool is a courtesy of HJ Wu & Company Inc. (CPA), a Vancouver CPA firm offering accounting, tax, financial reporting and review assurance. Feedback on the calculators is welcome.