FREE CANADIAN DEBT TOOL
Debt repayment calculator Canada
Estimate your debt payoff time and interest in Canadian dollars, then compare how an extra monthly payment could change both.
YOUR REPAYMENT SCENARIO
See what your payment can change
Enter one balance, then compare your current payment with a little extra each month. Nothing is saved or sent.
YOUR ESTIMATE
YEAR-BY-YEAR VIEW
How the balance could fall
| After | Estimated balance |
|---|---|
| 1 year | $7,463.50 |
| 2 years | $4,605.31 |
| 3 years | $1,384.62 |
| Final payment | $0.00 |
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How to use this estimate
Try the payment you make now, then add an amount you could realistically sustain. The comparison shows the possible change in payoff time and interest cost. It is often more useful to test a repeatable payment than an optimistic one that may be hard to maintain.
What the calculation assumes
The estimate uses a constant annual rate, monthly compounding, one payment at the end of each month, no fees and no new borrowing. Credit cards and loans may calculate interest differently, and variable rates can change. Check your agreement and statement before making a decision.
Why compare a higher payment?
The Financial Consumer Agency of Canada explains that a longer payment schedule can reduce the monthly payment but increase total interest. Its credit-card guidance also illustrates how paying more than the minimum can materially reduce time and interest.