§ Calculator · Loans
Line of credit minimum payment
What this is
Monthly minimum on a personal or secured line of credit.
Unsecured LOCs at Canadian banks typically require interest-only minimum. HELOCs are usually interest-only. Some product-specific LOCs require 3% of balance or interest, whichever is greater.
Minimum payment rule
Interest-only min
$144
3% of balance
$450
Required min
$144
Paying the minimum keeps you in good standing but never reduces principal. Try the Line of Credit Payoff calculator to see how long it'd take with a higher payment.
Disclaimer
Educational, not financial advice. Output is generated by an AI assistant using simplified assumptions. Tax rates, contribution limits, and benefit amounts change annually; confirm with a CFP, CPA, or the relevant Canadian regulator (CRA, FSRA, OSC, IIROC) before acting.