CIBC Bank's loans calculator

What is the CIBC loan calculator?

Canadian Imperial Bank of Commerce offers personal loans and lines of credit providing financing for various borrowing needs. You can apply for these lending solutions online and manage them further through CIBC online banking.

With a personal loan from CIBC, you can borrow a lump sum starting from $3,000 at either a fixed or variable rate. You can choose between a secured loan backed by your collateral and an unsecured loan.

With a personal line of credit, you can borrow $5,000 and more at a variable interest rate and reuse your credit up to the approved limit once you repay the outstanding balance. A line of credit assumes interest applied only to the amount you actually borrow, not the entire credit limit. Just like with personal loans, you can stick to a secured or unsecured line of credit.

To get a better understanding of how much you can borrow with each of these options, you don’t have to visit a CIBC banking centre in person. CIB provides tools and resources for that, such as the CIBC Loan and Line of Credit Calculator. This calculator will help you understand the differences between these two lending solutions and decide which one is right for you.

CIBC calculators

CIBC provides a range of useful tools and resources on its website, including the following online calculators:

• Loan and line of credit calculator to compare these two borrowing options in terms of the regular payment amount

• Car loan calculator to check how much you can afford to borrow to buy a used or new car and what your auto loan payments will look like

• Mortgage affordability calculator to get an idea of how much you can afford to borrow given your income, expenses, and the down payment you make

• Mortgage payment calculator to get an idea of what your mortgage payments will look like given the property’s purchase price, the down payment you make, and the payment frequency you stick to 

• Mortgage prepayment charge calculator to estimate the prepayment charges you may face in the case of repaying your closed mortgage before the maturity date

• Home equity calculator to estimate the available home equity you can leverage and the amount you can borrow based on this amount

Why do you need the CIBC loan and line of credit calculators?

With the CIBC loan and line of credit calculator, you can get a better idea of your loan and line of credit payments based on the input you entered — the reason for borrowing, the amount to borrow, the collateral for your lending (if any), and creditor insurance policies added. As a result of the calculations, you will receive an estimated amount of regular payments for a loan and line of credit, which will allow you to make an informed decision on the right lending solution for you. All online, without having to find a branch near you.

At every step of using an online calculator, you will see useful tips and definitions to help you choose the right borrowing option.

How to use the CIBC loan and line of credit calculators

To proceed with the CIBC loan and line of credit calculator, enter the amount to borrow, between $1,000 and $50,000. Let’s assume you need $15,000. On the next screen, you will need to specify the repayment term (1 to 10 years) and payment frequency (monthly, semi-monthly, bi-weekly, or weekly). Let’s assume it’s a 3-year term with monthly payments. On the next screen, you will see the 6% interest rate that you can edit as needed. Specify if you want to secure your lending with collateral and click the “Get my results” button. With an unsecured $15,000 3-year loan, your approximate monthly payment will be $456. The total interest you will pay throughout the loan term will be approximately $1,428.

Now, you can switch from the tab “Loan” to “Line of credit” and see the calculations for this borrowing option. Once you do, the system will prompt you to add or remove creditor insurance. If you select to add it, you will need to specify the type of insurance — life insurance, disability insurance, or both, and select the age range that applies to you. Let’s assume you select disability insurance and the age range of 36-40. Click the “Calculate” button to see the results — the approximate minimum monthly payment of $300 plus creditor insurance payments of $12.87. Compared to a personal loan, a line of credit seems to be a more cost-effective option to borrow $15,000.

How to compare loans using the CIBC loan calculator

The CIBC loan and line of credit calculator allows you to compare the two borrowing options — a personal loan and a line of credit — in terms of your regular payments. On the results page, you will see the two tabs — “Loan” and “Line of credit”. Compare the results of the calculation for the two lending solutions by switching between these tabs.