See what a payment
could change.

Your numbers. A little perspective.

Enter a balance in Canadian dollars, a yearly interest rate and a fixed monthly payment. The calculator estimates repayment time and interest using a simplified monthly model.

What this model assumes

• Interest is added once each month at the annual rate divided by 12.
• The monthly payment and interest rate remain fixed.
• There are no fees, additional purchases, missed payments or rate promotions.
• The last payment can be smaller than the fixed amount.
• Results show Canadian dollars and rounded display amounts.

A card issuer may use daily interest and different payment-allocation rules. A required minimum payment may change as the balance changes. This model does not reproduce those agreements, calculate a consumer proposal or assess eligibility for any product.

If the payment does not cover interest

The tool will tell you when the payment cannot reduce the balance under the model. It also stops at a 100-year calculation limit rather than presenting an impractical result. Those messages are reasons to revisit the figures and consider qualified help, not a judgement about your situation.

Make the estimate useful

Use the rate and terms on your own statement. Check how a payment fits alongside essentials and other obligations. To understand why a balance moves slowly, read minimum payments and interest.