Credit card payoff calculator
Enter each card's balance, rate and minimum and what you can pay each month. You'll see your debt-free date, the interest it costs, and which card to pay first.
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How it's worked out
Each month every card is charged interest at its yearly rate divided by 12, then gets at least its minimum payment. Everything you pay beyond the minimums goes to the card with the highest rate until it's cleared, then to the next. This order is often called the avalanche. With a fixed monthly payment it costs the least interest and finishes soonest.
Paying the smallest balance first feels quicker because a card disappears early. The comparison shows what that feeling costs with your numbers. Often it's very little, and if it keeps you going, that can be worth it.
"Only the minimum, as it shrinks" uses the usual card formula of 3% of the balance or $10, whichever is more, so the payment falls as the balance does. That's why minimum payments take so long. Your statement shows your card's exact formula and how long minimum payments alone would take. There's more on this in Why your credit card balance never seems to go down.
The calculator assumes no new spending on these cards and a rate that doesn't change. A promotional rate that ends, or new charges, will move the date. It's the same calculation the SmartSpend AI app uses for its card payoff plan.
General education only; not personalized financial, investment, legal or tax advice. Rules, account types and rates described here are Canadian unless a post says otherwise, and dollar amounts are in Canadian dollars.
Early access
Be first to take control of your money.
It's in private testing now. Leave your name and email and you'll hear the moment it's ready.
- Know what's safe to spend before payday
- Catch forgotten subscriptions and price hikes
- A clear path out of card debt and toward your goals
- Works with the PDF statements you already download — no bank login