Compare your current debt payments with a focused payoff strategy and see how redirecting freed-up payments may affect payoff time and estimated interest.
Educational illustration • Your entries are not stored
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.
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.
This calculator provides an educational illustration based on the debt balances, annual interest rates and monthly payments entered. Results are estimates, not guaranteed outcomes, and do not constitute individualized financial, lending, legal or tax advice.
Calculations assume fixed interest rates and fixed monthly payments, with interest calculated monthly and payments made at month-end. Actual lender calculations and minimum-payment requirements may differ. Fees, new borrowing, missed payments, changing rates and early-payment penalties are not included.
The payoff strategy directs additional amounts and freed-up payments toward debts with the smallest starting balances first. This approach is not necessarily the lowest-interest repayment method. Review your account terms and required payments before making repayment decisions.
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.
Focus extra money on one balance while continuing required payments on the others.
Bottom Line: Focus can make progress easier to see.
When one debt is paid off, its payment is redirected toward the next balance.
Bottom Line: Payments can build momentum as balances disappear.
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.