Debt Payoff Calculator for Canadians 2025

Credit cards, lines of credit, loans • Avalanche & snowball methods • Interest savings

Enter your debt balance, interest rate, and monthly payment to see exactly when you'll be debt-free and how much interest you'll pay in total.

Debt Payoff Strategies for Canadians

Avalanche Method (Fastest Interest Savings)

Pay minimums on all debts, then put every extra dollar toward the highest-interest debt first. This saves the most money in interest over time.

Snowball Method (Best for Motivation)

Pay minimums on all debts, then attack the smallest balance first regardless of rate. Paying off small debts quickly builds momentum.

Common Canadian Interest Rates

• Credit cards: 19.99%–24.99%
• Department store cards: 24.99%–29.99%
• Personal line of credit: 7%–12%
• Car loan: 5%–9%
• Student loan (federal): prime + 1% (floating)