credit card payoff
See your debt-free date, total interest, and how extra payments save you money.
This calculator is for informational purposes. Actual payoff time may vary based on your card's billing cycle and payment posting dates. Not financial advice.
How to use this calculator
Enter your balance, APR, and monthly payment. Add an optional extra payment to see how much interest and time you save. Results update automatically.
Average Canadian credit card APRs
| Low rate cards | 8.99% – 12.99% |
| Standard cards | 19.99% |
| Store / retail cards | 24.99% – 29.99% |
| Cash advance rate | 22.99% – 24.99% |
Payoff strategies
Debt Avalanche — pay minimums on all cards, put extra money toward the highest APR card first. Saves the most interest.
Debt Snowball — pay minimums on all cards, target the smallest balance first. Gives faster psychological wins.
FAQ
Why does my minimum payment barely reduce my balance?
At 19.99% APR on a $5,000 balance, monthly interest is about $83. If your minimum is $100, only $17 goes to principal. Paying more makes a huge difference.
Is my data stored?
No — everything runs in your browser. Nothing is uploaded or saved.
How is interest calculated?
Monthly interest = balance × (APR ÷ 12). This is the standard method most Canadian card issuers use.
What if my payment is less than the monthly interest?
Your balance will grow, not shrink. Always pay more than the monthly interest charge.