Credit card payoff calculator
Estimate when a fixed monthly payment will clear your balance and how much interest you could save by paying C$50 more.
Your numbers
Your result
Example scenarioEstimated time to pay off
C$200.00 paid each month · 19.99% APR · no new charges
Try a different scenario
See the difference in payoff time and interest.
Or save these inputs, change a number and compare with your saved scenario.
Why this number?
Monthly interest = opening balance × APR/12. The fixed payment is applied after interest. The final payment is limited to the balance plus interest. A payment that does not cover the first month's interest cannot clear the debt and is rejected.
Result breakdown, line by line
Values use the assumptions above and the exact inputs entered. Compare scenarios before making a decision.
Planning estimate. Rate and return assumptions can change the result.
How is this calculated?Money Figures · Credit card payoff calculator · Model v0.1.6 · Values in Canadian dollars
Charts, table & comparisonsTake a closer look at your result.
Your projection
SHOWING OUR WORK
Assumptions & methodology
Payoff calculation
Monthly interest = opening balance × APR/12. The fixed payment is applied after interest. The final payment is limited to the balance plus interest. A payment that does not cover the first month's interest cannot clear the debt and is rejected.
Comparison
The alternative schedule uses a monthly payment C$50 higher and the same balance and rate. Interest saved = base schedule interest − alternative schedule interest. The displayed payoff time rounds up to a whole payment month.
Limits
Actual issuers may calculate interest daily and use different payment-allocation rules. The model excludes new charges, annual fees, promotional-rate expiries, grace periods and payment holidays. It uses a fixed dollar payment, not a province's minimum-payment rule. Confirm the required minimum on your statement.
A worked example
Explore a C$5,000 balance at 19.99% APR with a C$200 monthly payment. Then compare C$250 per month to see the difference in payoff time and total interest.
Understand the result
Plan a credit card payoff
Compare a fixed monthly credit-card payment with a slightly larger one, and understand the assumptions behind the payoff timeline.
Read guideDebt snowball versus avalanche
Compare the highest-interest-first and smallest-balance-first debt payoff strategies with a repeatable three-debt Canadian-dollar example.
Read guideImportant: planning estimate, not financial advice
Money Figures provides general calculator estimates based on the inputs and assumptions shown. It does not consider your full financial circumstances and is not financial, tax, investment, lending or legal advice. Results do not guarantee lender, insurer, government or tax treatment. Confirm material decisions with the relevant institution or an appropriately qualified professional.
Your next money decision
Understand repayment options
The cheapest repayment plan depends on the balance, rate, fees and spending behaviour. Avoid borrowing more solely to chase a lower payment.
Explore the next tool or guide →Sources
Sources checked: 2026-10-09. Targeted technical check: 2026-10-11. Financial model v0.1.6; release v0.2.9. Independent financial review is pending. Calculation standards · Change history.