Debt Payoff Calculator for Canadians 2025

No fee everyday banking

Set up direct deposit and skip the monthly fee. Free to open, and the Easy plan has no monthly fee. Worth doing if you will actually move your pay or your CRA deposits over, not if the card sits unused. Code BREMO2026.

See how it works

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 Calculator

Total Debt Balance ($)

Annual Interest Rate (%)

Monthly Payment ($)

Extra Monthly Payment ($)

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)

Free Banking to Help You Reach Your Financial Goals

Once you know your numbers, start acting on them. KOHO offers free banking with no monthly fees. Use code BREMO2026 for a bonus when you open your account.

Open KOHO Free — Code BREMO2026