Credit Card Payoff Calculator Canada 2026

Paying only the minimum keeps interest accruing on most of your balance for years, since minimum payments (typically 3% of balance or a small flat amount) barely cover the interest charged each month. Paying more than the minimum meaningfully cuts both payoff time and total interest.

Even a modest extra amount each month accelerates payoff, since it reduces the principal directly rather than just covering interest. The 'Interest Saved' and 'Time Saved' results compare your chosen payment against a minimum-payment-only baseline so you can see the exact difference.

Increase your monthly payment, avoid new charges on the card while paying it down, and consider a balance transfer to a lower-APR card if one is available. If you carry multiple cards, paying off the highest-APR balance first (debt avalanche) minimizes total interest across all of them.

The payment amount is treated as what you pay each period. A payment made every two weeks happens 26 times a year, so $250 bi-weekly is about $542 a month; weekly is 52 payments a year. If you are only splitting a monthly payment in half, enter half the amount — that version pays off only slightly faster, because 26 half-payments add up to one extra monthly payment a year.

It doesn't model promotional 0% introductory rates, balance transfer fees, penalty APRs from a missed payment, or annual card fees. Use it for planning your payoff timeline and confirm exact terms on your card's monthly statement.