Want to clear a credit card balance by a certain date? This credit card payoff calculator shows the monthly payment you need, how much interest you’ll pay, and the month your card hits $0. You can also enter a set monthly payment and see how long it takes.
Credit card payoff calculatorPick a date to be debt-free, or a monthly amount. See the payment, the interest and the payoff month.
How do you want to pay it off?
Pay each month
Total interest
Paid off in
Other ways to pay off this balance
| Pay off in | Monthly payment | Total interest |
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How to use it
- Enter your balance and interest rate. Both are on your monthly statement. Many cards charge about 20% on purchases, and retail store cards can charge more.
- Choose how you want to pay. Pick a payoff date to see the monthly payment you need, or enter what you can afford to see how long it takes.
- Compare the options. The table shows what 6 months to 5 years would cost, so you can find a payment that fits your budget.
The calculator assumes you stop using the card for new purchases while you pay it down. New charges add to the balance and push your payoff date back.
A worked example
Say you owe $3,000 at 20.99%:
| Plan | Monthly payment | Time | Total interest |
|---|---|---|---|
| Pay off in 1 year | $279 | 12 months | $352 |
| Pay off in 2 years | $154 | 24 months | $699 |
| Pay off in 3 years | $113 | 36 months | $1,068 |
| Minimum only (3% or $10) | Starts at $90, then falls | About 18 years | About $3,750 |
Paying it off in one year instead of making only the minimum saves about $3,400 in interest. Even moving from 3 years to 2 years saves over $350.
Ways to pay off a credit card faster
- Pay more than the minimum. The Financial Consumer Agency of Canada notes that even a small extra amount shortens the payoff time by a lot.
- Pay before the due date. A missed or late payment can raise your interest rate and hurt your credit score.
- Stop adding new purchases. Use debit or cash for a while so every payment goes to the balance.
- Look at a lower rate. A balance transfer offer or a lower-rate card can cut the interest, but check the transfer fee and how long the promotional rate lasts.
- Have more than one card? Use our debt snowball calculator or debt repayment calculator to decide which one to pay first.
How credit card interest works in Canada
If you pay your full statement balance by the due date, you pay no interest on new purchases. Federally regulated card issuers must give you an interest-free grace period of at least 21 days. If you carry a balance, you lose that grace period and pay interest on purchases from the date you made them, until the balance is paid in full.
Cash advances are different: interest starts the day you take the money out, with no grace period. To see what your balance costs each day, try our daily interest calculator.
Frequently asked questions
How much should I pay to pay off my credit card in a year?
Enter your balance and rate, choose 12 months, and the calculator shows the payment. For example, $3,000 at 20.99% takes about $279 a month.
Why does my statement show a different payoff time?
Statements estimate how long it takes if you pay only the minimum. Card interest is also charged on your daily balance, so real numbers can differ slightly from this monthly estimate.
Is it better to pay off my credit card all at once?
If you have the cash, paying the balance in full stops interest right away. Just keep enough savings for emergencies so you don’t end up back on the card.
Does paying off my credit card help my credit score?
Usually, yes. A lower balance lowers your credit utilization, which lenders look at. Our credit utilization calculator shows where you stand.
Should I close my card once it’s paid off?
Not always. The Financial Consumer Agency of Canada says closing an older account can shorten your credit history and lower your available credit, which may hurt your score.
Related reading
- Statement balance vs current balance: which one to pay to avoid interest
- Credit card interest calculator: interest per month on one card
- Minimum payment calculator: what paying only the minimum costs
- Debt snowball calculator: pay several debts, smallest first
- All calculators
- Line of credit vs credit card: which costs less to borrow
- Consumer proposal calculator: estimate a proposal payment
How we checked: We built this calculator ourselves. It adds one month of interest (annual rate divided by 12) to the balance, then subtracts your payment, until the balance reaches $0. The minimum-only comparison uses 3% of the balance or $10, whichever is more, which the Financial Consumer Agency of Canada lists as a typical formula. We checked our math against the FCAC’s own example ($2,000 at 18%, $160 a month: 1 year 2 months and $231 in interest) and got the same result. Real cards charge interest on your daily balance, so your statement may differ slightly. Grace period and cash advance rules are from the FCAC. Sources: FCAC: Paying off your credit card; FCAC: How credit cards work; FCAC: Improving your credit score. Last checked October 2026.