Estimate how long it will take to pay off a credit card, car loan, personal loan, or other debt in Canadian dollars (CAD). Enter your balance, interest rate, and monthly payment to see a payoff timeline and total interest, with an option to compare extra payments.
This calculator uses your balance, interest rate, and monthly payment to simulate a payoff schedule month by month. It estimates how long it could take to become debt-free and how much interest you might pay in total, based on your inputs.
The Wealth Wizard Canada loan and debt payoff calculator helps you model how long it might take to pay off common Canadian debts such as credit cards, car loans, personal loans, lines of credit, and more. It uses your current balance, interest rate, and monthly payment to estimate a payoff timeline and total interest paid in Canadian dollars.
This tool uses a simple month-by-month amortization approach and assumes a fixed interest rate and fixed monthly payments based on what you enter. Real-world results can differ if interest rates change, fees are added, or payments vary. It does not factor in provincial laws, minimum payment rules, or income tax. Treat the results as educational estimates rather than exact figures, and consider speaking with a licensed financial professional or non-profit credit counselling agency in your province or territory for personalized advice.