Credit Card Payoff Calculator (Canada)
Find out how long it will take to pay off your credit card, how much interest it will cost, and what monthly payment makes you debt-free by your target date.
Updated for the 2026 tax year · Rates checked 14 October 2026
| Monthly payment | $200.00 |
|---|---|
| Months to debt-free | 34 |
| Total interest | $1,632 |
| Total paid | $6,632 |
| Minimum-payment months | 320 |
| Minimum-payment interest | $8,329 |
| Interest you save vs minimum | $6,697 |
- Paying $200.00 a month clears $5,000 in 34 months (2.8 years), with $1,632 of interest.
- Paying only a typical minimum (interest + 1% of the balance, at least $10) would take 320 months (26.7 years) and cost $8,329 in interest.
- Moving the balance to a 0% balance transfer card, or paying off the highest-rate card first (the avalanche method), saves the most interest.
Your result, explained
Paying $200.00 a month, you will be debt-free in 34 months (2.8 years) and pay $1,632 in interest. That saves $6,697 compared with paying only the minimum, which would take 320 months.
To get out faster: stop adding new spending to the card, pay the highest-rate card first (the avalanche method), and consider a 0% balance transfer or a lower-rate personal loan. Every extra payment goes straight to the balance.
Payoff by year
| Year | Paid so far | Interest so far | Balance left |
|---|---|---|---|
| 1 | $2,400 | $912 | $3,512 |
| 2 | $4,800 | $1,479 | $1,679 |
| 3 | $6,632 | $1,632 | $0 |
Popular amounts
How card interest works
Card interest is charged monthly at roughly APR ÷ 12 on your balance. At 20% APR, a $5,000 balance costs about $83 a month in interest, so a small payment barely dents the debt. Paying only the minimum can stretch repayments over many years.
Faster ways out
- Avalanche: pay the minimum on every card and throw everything else at the highest-rate card first. This saves the most interest.
- Snowball: clear the smallest balance first for quick wins.
- 0% balance transfer: move the balance to a card with an introductory 0% rate (watch the transfer fee and the end date).
- Personal loan: a fixed-rate loan at a lower rate can replace card debt. See our loan calculator.
Frequently asked questions
How is the minimum payment calculated?
It varies by issuer. A common formula is interest plus 1% of the balance, with a small fixed minimum. Check your statement for your card’s formula.
Does paying more than the minimum help my credit score?
Yes. Lower balances reduce your credit utilisation, one of the biggest factors in credit scores.