Home Equity Loan Calculator Canada
Turn the equity you have built into a fixed lump sum. See your monthly payment, total interest and payoff timeline before you sign anything.
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Formula
Mmonthly paymentPloan amountrmonthly ratennumber of monthsCanadian fixed-rate home equity loans are usually quoted as nominal rates compounded semi-annually. This calculator uses standard monthly amortization math, which is close enough for estimates — confirm exact payments with your lender. Estimates only — not financial advice.
Estimates only — not financial advice.
Frequently Asked Questions
What is the difference between a home equity loan and a HELOC in Canada?
A home equity loan gives you one lump sum at a fixed rate with a fixed payment schedule. A HELOC is revolving credit with a variable rate — you draw and repay as you like.
How much can I borrow against my home in Canada?
Most Canadian lenders cap total borrowing — your mortgage plus the equity loan — at 80% of your home's appraised value.
Are home equity loan rates fixed in Canada?
Usually, yes. That is the main appeal over a HELOC: your payment never moves. Rates sit above first-mortgage rates because the loan is a second charge on your home.
Can I pay off a home equity loan early?
Yes — extra principal payments cut both the term and total interest. Check your loan agreement for prepayment penalties or limits first.