Credit Card Payoff Calculator (Canada)
Enter your balance, interest rate and monthly payment to see how long the balance takes to clear and what the interest costs. The penalty toggle shows what two missed payments would do.
Monthly compounding at the annual rate divided by 12. Assumes no new purchases. Your card’s average daily balance method may differ slightly.
How this is calculated
Each month, interest is added as balance times (annual rate divided by 12), then the payment is subtracted. The loop repeats until the balance is zero. With the penalty toggle, the higher rate applies for the first 12 months, which is how long most Canadian issuers keep it after two missed payments in 12 months.
Worked example: a $5,000 balance at 20.99% with a $200 monthly payment takes 34 payments to clear and costs $1,632.05 in interest. At 25.99% for the first 12 months, it takes 35 payments and $1,996.83, an extra $364.78. These figures were verified with an independent calculation.
For the rules behind the penalty rate, see what happens if you miss a credit card payment and what paying only the minimum costs.
This calculator is general information, not financial advice. Your issuer’s exact method may differ slightly. See how we check the numbers.