Free Canadian credit tool
Credit card payoff calculator
See exactly when you’ll be debt-free, how much interest you’ll pay and what paying only the minimum would really cost.
Credit card payoff calculator
When will your card be paid off?
Move the sliders and your payoff statement updates instantly, including what paying only the minimum would really cost.
You’ll be debt-free in
–
Your payoff statement
Starting balance$0
Interest rate0%
Monthly payment$0
Number of payments0
Total interest$0
Total you’ll pay$0
If you paid only the minimum
Time to pay off–
Extra interest vs. your plan–
Pick your debt-free date
Choose how fast you want the balance gone and see the monthly payment it takes at your current balance and rate.
Pay it off in24 monthsYear-by-year breakdown
How your plan chips away at the balance each year.
| Year | Paid | Interest | Balance left |
|---|
Illustrative estimate. Interest is calculated monthly at APR ÷ 12 with no new purchases or fees. “Minimum payment” assumes 3% of the balance or $10, whichever is more; your card’s formula may differ. Not financial advice.
How this calculator works
Enter your current card balance, the card’s annual interest rate (APR) and what you plan to pay each month. The calculator adds a month of interest to your balance, subtracts your payment, and repeats until the balance hits zero. It then shows how long that takes, the interest you’ll pay along the way and the date you’ll be debt-free.
It also runs a second scenario in the background: what happens if you pay only the minimum each month. Most Canadian card issuers set the minimum as a small percentage of the balance (often around 3%) or a flat amount like $10, whichever is higher. Because the minimum shrinks as the balance shrinks, paying only the minimum can stretch a modest balance out for decades.
Tips to pay your card off faster
- Stop adding new purchases to the card you are paying down. New charges reset the clock.
- Pay more than once a month. Card interest in Canada is typically calculated on your daily balance, so paying part of your payment early can shave off a little interest.
- Ask for a lower rate. If you have a good payment history, call your issuer and ask. Low-rate cards in Canada often charge around 12% to 13% instead of 20% or more.
- Consider a balance transfer to a promotional-rate card if you can pay the balance off before the promo ends. Watch the transfer fee.
- Tackle the highest rate first if you have several cards (the “avalanche” method) to save the most interest.
What the calculator doesn’t include
To keep things clear, the estimate assumes no new purchases, no annual fee, no late fees and a rate that stays the same. Real statements calculate interest daily, and some cards charge a higher rate on cash advances or balance transfers. Treat the results as a close guide, not an exact quote, and check your statement for your card’s actual minimum payment formula.
This calculator is for general information only and is not financial advice. Results are estimates based on the numbers you enter.