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Line of Credit and Loan Payments (Canadian) |
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This calculator helps determine your loan or line payment. For a loan payment, select fixed term loan. For a line payment, you can chose the amount of the outstanding balance to pay each month or an interest only payment.
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Definitions
- Loan amount
- Total dollar amount of your loan.
- Annual interest rate
- The annual percentage rate for this loan or line of credit.
- Term in months
- Number of months for this loan or line of credit.
- Fixed loan term
- Traditional amortization produces a fixed monthly payment. The monthly payment calculated will leave a zero balance at the end of the loan's term.
- 5%, 5.5% or 6% of balance
- Your minimum payment is calculated as a percentage of the outstanding principal balance. Your minimum payment will change each month, and if you only make the minimum payment your balance will not be zero at the end of your loan's term.
- Interest only payment
- For lines interest only, your payment is 100% of the interest accrued during the month but no principal. Your payment may not be fixed if your interest rate or principal balance changes.
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