Calculate your EMPP loan structure

Access your Windmill loan upon arrival in Canada
Easily estimate your monthly payments using our calculator tool. Explore how different loan amounts and lengths of repayment impact your monthly budget.

Total Interest Over Loan Term

$10000

Interest rate
6.70
%

From 20 December 2023, all new Windmill loans are set at a fixed interest rate of 6.7% for the entire loan duration.‍

$1,000
$15,000
Settlement term
6 Months
1 Month
36 Months
During your settlement term you will be making monthly payments of:
$43.00
During your loan repayment term you will be making monthly payments of:
$1,233.03
Total interest paid over the loan term
$330.31
Total amount of principal and interest paid by the end of the repayment term
$12,330.31
Total of 10 payments
$12,330.31
Total of 10 payments
$12,330.31
Principal
(97%)
Interest
(3%)
View payment details

Payment Details

Loan Repayment Structure

Settlement term

While you are settling, you pay interest only payments.

Repayment Term

After your settlement period, you start repaying the money you borrowed. The repayment term is how many months you take to repay.

Based on your selection, you would be borrowing $8,000

Your interest rate will be 6.45% fixed for the term of the loan.

Your monthly interest payment would be $43.00.

You would pay this for 15 months while you settle down.

After that, your payments would be $356.19 per month for 24 months.

Payments are withdrawn automatically from your bank account on the 15th of every month.

Note that these terms may change when we review your application. However, the interest rate will not change.

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View full legal disclaimer

Calculator Legal Disclaimer

In the results presented, we assume the following: {i} a constant interest rate throughout the loan term and amortization period; and {ii} the payment schedule you selected is maintained with no additional payments or skipped payments. Actual payment and interest amounts may differ and will be determined at the time of signing the Loan Agreement. This calculation is based on the accuracy and completeness of the data you have entered, is for illustrative and general information purposes only, and is not intended to provide specific financial or other advice and should not be relied upon in that regard. You should speak with your professional accountant or other professional advisors before making a final decision to ensure any strategy meets your financial needs and that your personal circumstances have been considered. When you make your credit application, interest rates may have changed or may be different due to information contained in your application and additional conditions may apply.

Windmill Microlending does not make any express or implied warranties or representations with respect to any information or results in connection with the calculator and will not be liable for any losses or damages arising from any errors or omissions in any information or results, or any action or decision made by you in reliance on any information or results.

* For the educational program term, payments must be at least $25. If your payment is less, a $25 flat rate will apply, with the remaining amount going towards your outstanding balance.

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Disclaimer

*A valid Canadian Bank account is required to initiate and process a loan.
For the educational program term, if your monthly payments are lower than $25, a flat fee of $25 will apply, with the remaining amount going towards your outstanding balance.
‍For anyone on an employment offer in Canada which is a contract employment period, and not permanent employment status, please reach out directly to the EMPP team (empp@teamwindmill.org) to discuss your loan repayments terms as the below terms would not apply to your case.

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