Debt Payoff Calculator
Estimate your payoff time and interest cost, then compare a planned monthly payment with one that includes an extra amount.
Set your payment scenario
Compare a planned payment with an added monthly amount.
Estimate method: Interest is added monthly at APR ÷ 12, then the payment is applied. Assumes no new charges, fees, rate changes or missed payments.
Payment plan estimate
With the extra payment
20 months
Estimated time to pay off
Total interest
CA$906.25
Total paid: CA$5,906.25; final payment: CA$206.25.
Compared with planned payment only
5 months sooner
CA$226.04 less estimated interest.
This is a planning estimate, not a lender payoff quote. Payment timing and interest methods change actual results.
How to use this payoff estimate
Enter the balance, annual rate and planned payment, then add a monthly extra payment to compare payoff time and estimated interest. The model adds interest once per month at APR ÷ 12 before applying payment. It assumes a fixed rate and payment schedule with no new purchases, fees or missed payments.
Credit card issuers may calculate interest using a daily balance method and apply grace-period rules, so your statement and issuer payoff quote can differ. For a Canada-specific comparison, check the Financial Consumer Agency of Canada guide and official payment calculator.
Need a step-by-step walkthrough? Read the debt payoff calculator guide →