All calculators
§ Calculator · Loans
Line of credit payoff
What this is
How long to clear a LOC at a fixed monthly payment?
Most LOCs only require interest-only minimum. To actually pay it down, you need to pay more than the monthly interest cost. The bigger the gap, the faster the principal falls.
Interest min
$180
Months to payoff
61 (5.1 yr)
Total interest
$6,025
Balance after 12 mo
$15,208
If your monthly payment is less than the monthly interest, the LOC never gets paid off and the balance grows.
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.