Explore your numbers
Debt Payoff Calculator
Compare multiple debts, estimate payoff time and interest, and explore how redirecting freed-up payments may affect your debt repayment plan.
Free educational tool · No account required · Amounts in Canadian dollars
Debt Payoff Calculator
Enter up to 10 debts below. Interest Cost and Payments Left update automatically as you enter each debt’s balance, annual rate and monthly payment.
Leave unused rows blank. Amounts are in CAD. The payoff strategy automatically prioritizes the smallest starting balance.
| # | Creditor | Balance ($) | Rate (%) | Payment ($) | Interest Cost | Payments Left |
|---|
The shaded columns estimate each debt on its own at the entered fixed payment, before any additional amount or redirected payments. Payments Left means monthly payments. On small screens, swipe the table sideways.
Optional. Leave at $0 to see the effect of redirecting freed-up payments alone.
Enter your debts to begin.
Your payoff comparison
Report details (optional)
These details appear on your report. This calculator does not store or send your entries.
Opens a printable report in a new tab. Choose Print / Save PDF there, then select your printer or Save as PDF.
UNDERSTANDING THE STRATEGY
How a Focused Debt Payoff Strategy Works
A focused payoff strategy directs extra money toward one debt at a time while continuing required payments on the others. As each balance is paid off, that freed-up payment can be redirected to the next debt.
Start With One Debt
Focus extra money on one balance while continuing required payments on the others.
Bottom Line: Focus can make progress easier to see.
Redirect Freed-Up Payments
When one debt is paid off, its payment is redirected toward the next balance.
Bottom Line: Payments can build momentum as balances disappear.
Compare the Difference
See how the focused approach may affect estimated payoff time and interest compared with continuing current payments.
Bottom Line: Use the comparison to understand the trade-offs.
A focused debt payoff strategy does not create additional money — it changes how existing payments are redirected as debts are paid off. The most suitable repayment approach can depend on interest rates, cash flow, required payments and household priorities.