Use this Line of Credit calculator and discover what your payments will be and the amount of interest you may pay when securing a line of credit or a loan.
Line of Credit Calculator
Calculate your line of credit or loan payments.
Discover differences in funding types with the Line of Credit calculator.
Line of Credit
A line of credit is a type of loan that lets you borrow money up to a pre-set limit. You don’t have to use the funds for a specific purpose. You can use as little or as much of the funds as you like, up to a specified maximum. It gives you ongoing access to funds and you’re charged interest only on the amount you use. A line of credit is ideal when your cash needs can increase suddenly, such as with travel, home renovations or education.
Loans
A loan lets you borrow a specific amount of money in one lump sum for important projects of any size. It’s ideal for major purchases, home renovations or paying off old debts. Your loan plus interest gets repaid over an agreed-upon length of time.
Additional calculators to help with your planning include:
• Loan Calculator
• Debt Consolidation
• Pay Down Debt or Invest
Line of Credit Calculator
Companion Infographic
This companion credit score infographic illustrates the factors involved in determining your credit score, and why a good score is important.
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