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Credit card payoff calculator

See how long it takes to clear your credit-card balance and how much interest you'll pay in Canada. Enter your balance, APR and a fixed monthly payment to find your debt-free date — and how much you save versus the minimum, which can stretch a balance for years. Canadian cards average about 20% APR.

US average is about 22.8%.

A fixed amount you’ll pay each month.

Time to pay off

4 yr 4 mo

Debt-free byOct 2030
Total interest$2,971
Total paid$8,971

Vs. paying only the minimum

Minimum-only takes 20 yr 5 mo and costs $8,983 in interest. Your fixed payment saves about $6,013.

Balance over time until paid off

How this estimate is calculated

For a fixed payment we apply standard amortization at your card's monthly periodic rate (APR ÷ 12). For the minimum-payment path we simulate the common 1%-of-balance-plus-interest rule, recalculating as the balance falls. The gap between the two is the interest a fixed payment saves you. The default APR reflects the Canadian average (Bank of Canada — interest rates & financial data).

See our full methodology for assumptions, limits and the 2026 data used.

Sources

Written by
Colson — Founder & consumer-finance researcher, ColsonSuperApps LLC
Verified
Every figure checked against its cited primary source
Last updated
June 14, 2026
Standards
Editorial policy

These results are educational estimates based on the figures you enter and standard financial math, not financial advice or an offer of credit. Your actual rate, payment and terms depend on your credit, lender and other factors. Verify any number with the lender before you act.

Frequently asked questions

Why does paying the minimum cost so much?

The minimum barely exceeds the interest, so the balance falls slowly while interest compounds at around 20%. A minimum-only payoff can take well over a decade and cost more than the original balance.

Should I consider a balance transfer?

If your balance is large and your APR is high, a 0% intro-APR balance-transfer card can save real interest — as long as you clear most of it before the intro period ends. Try the balance-transfer calculator.