Image of the Credit Card Payment Calculator Tool Credit Card Payment Calculator

From Financial Consumer Agency of Canada
Credit Card Balance:$1,000.00
Annual Interest Rate:18.00%
Initial Minimum Monthly Amount:$30.00
Additional Monthly Payment:$5.00
Fixed Monthly Payment:$100.00

Calculation Results

Option A: What if you only make the minimum payment each month?Option B: What if you make the minimum payment plus an additional amount each month?Option C: What if you pay a fixed amount each month?
Time to pay off10 years6 years and 2 months11 months
Original balance$1,000.00$1,000.00$1,000.00
Interest paid$798.89$512.52$91.62
Total paid$1,798.89$1,512.52$1,091.62
Amount saved-$286.37$707.26
Time saved-3 years and 10 months9 years and 1 month

Results Summary

  • Option B: If you pay $5.00 more than your minimum payment each month, you will pay off your credit card balance 3 years and 10 months sooner and you will save $286.37 in interest.
  • Option C: If you pay $100.00 each month instead of the minimum payment, you will pay off your credit card balance 9 years and 1 month sooner and you will save $707.26 in interest.

Payment Diagrams

Option A Payment Schedule
MonthInterest AmountBeginning BalanceMinimum PaymentEnding Balance
1$15.00$1,015.00$30.00$985.00
2$14.78$999.78$29.55$970.23
3$14.55$984.78$29.11$955.67
4$14.34$970.01$28.67$941.34
5$14.12$955.46$28.24$927.22
6$13.91$941.12$27.82$913.31
7$13.70$927.01$27.40$899.61
8$13.49$913.10$26.99$886.11
9$13.29$899.41$26.58$872.82
10$13.09$885.92$26.18$859.73
11$12.90$872.63$25.79$846.83
12$12.70$859.54$25.41$834.13
13$12.51$846.64$25.02$821.62
14$12.32$833.94$24.65$809.30
15$12.14$821.44$24.28$797.16
16$11.96$809.11$23.91$785.20
17$11.78$796.98$23.56$773.42
18$11.60$785.02$23.20$761.82
19$11.43$773.25$22.85$750.39
20$11.26$761.65$22.51$739.14
21$11.09$750.22$22.17$728.05
22$10.92$738.97$21.84$717.13
23$10.76$727.89$21.51$706.37
24$10.60$716.97$21.19$695.78
25$10.44$706.21$20.87$685.34
26$10.28$695.62$20.56$675.06
27$10.13$685.19$20.25$664.93
28$9.97$674.91$19.95$654.96
29$9.82$664.78$19.65$645.14
30$9.68$654.81$19.35$635.46
31$9.53$644.99$19.06$625.93
32$9.39$635.32$18.78$616.54
33$9.25$625.79$18.50$607.29
34$9.11$616.40$18.22$598.18
35$8.97$607.15$17.95$589.21
36$8.84$598.05$17.68$580.37
37$8.71$589.07$17.41$571.66
38$8.57$580.24$17.15$563.09
39$8.45$571.53$16.89$554.64
40$8.32$562.96$16.64$546.32
41$8.19$554.52$16.39$538.13
42$8.07$546.20$16.14$530.06
43$7.95$538.01$15.90$522.11
44$7.83$529.94$15.66$514.27
45$7.71$521.99$15.43$506.56
46$7.60$514.16$15.20$498.96
47$7.48$506.45$14.97$491.48
48$7.37$498.85$14.74$484.10
49$7.26$491.37$14.52$476.84
50$7.15$484.00$14.31$469.69
51$7.05$476.74$14.09$462.64
52$6.94$469.58$13.88$455.71
53$6.84$462.54$13.67$448.87
54$6.73$455.60$13.47$442.14
55$6.63$448.77$13.26$435.50
56$6.53$442.04$13.07$428.97
57$6.43$435.41$12.87$422.54
58$6.34$428.88$12.68$416.20
59$6.24$422.44$12.49$409.96
60$6.15$416.11$12.30$403.81
61$6.06$409.86$12.11$397.75
62$5.97$403.72$11.93$391.78
63$5.88$397.66$11.75$385.91
64$5.79$391.70$11.58$380.12
65$5.70$385.82$11.40$374.42
66$5.62$380.03$11.23$368.80
67$5.53$374.33$11.06$363.27
68$5.45$368.72$10.90$357.82
69$5.37$363.19$10.73$352.45
70$5.29$357.74$10.57$347.17
71$5.21$352.37$10.41$341.96
72$5.13$347.09$10.26$336.83
73$5.05$341.88$10.10$331.78
74$4.98$336.75$10.00$326.75
75$4.90$331.65$10.00$321.65
76$4.82$326.48$10.00$316.48
77$4.75$321.23$10.00$311.23
78$4.67$315.89$10.00$305.89
79$4.59$310.48$10.00$300.48
80$4.51$304.99$10.00$294.99
81$4.42$299.41$10.00$289.41
82$4.34$293.76$10.00$283.76
83$4.26$288.01$10.00$278.01
84$4.17$282.18$10.00$272.18
85$4.08$276.27$10.00$266.27
86$3.99$270.26$10.00$260.26
87$3.90$264.16$10.00$254.16
88$3.81$257.98$10.00$247.98
89$3.72$251.70$10.00$241.70
90$3.63$245.32$10.00$235.32
91$3.53$238.85$10.00$228.85
92$3.43$232.28$10.00$222.28
93$3.33$225.62$10.00$215.62
94$3.23$218.85$10.00$208.85
95$3.13$211.98$10.00$201.98
96$3.03$205.01$10.00$195.01
97$2.93$197.94$10.00$187.94
98$2.82$190.76$10.00$180.76
99$2.71$183.47$10.00$173.47
100$2.60$176.07$10.00$166.07
101$2.49$168.56$10.00$158.56
102$2.38$160.94$10.00$150.94
103$2.26$153.21$10.00$143.21
104$2.15$145.35$10.00$135.35
105$2.03$137.38$10.00$127.38
106$1.91$129.29$10.00$119.29
107$1.79$121.08$10.00$111.08
108$1.67$112.75$10.00$102.75
109$1.54$104.29$10.00$94.29
110$1.41$95.71$10.00$85.71
111$1.29$86.99$10.00$76.99
112$1.15$78.15$10.00$68.15
113$1.02$69.17$10.00$59.17
114$0.89$60.06$10.00$50.06
115$0.75$50.81$10.00$40.81
116$0.61$41.42$10.00$31.42
117$0.47$31.89$10.00$21.89
118$0.33$22.22$10.00$12.22
119$0.18$12.40$10.00$2.40
120$0.04$2.44$2.44$0.00
Option B Payment Schedule
MonthInterest AmountBeginning BalanceMinimum + Additional PaymentEnding Balance
1$15.00$1,015.00$35.00$980.00
2$14.70$994.70$34.40$960.30
3$14.40$974.70$33.81$940.90
4$14.11$955.01$33.23$921.78
5$13.83$935.61$32.65$902.96
6$13.54$916.50$32.09$884.41
7$13.27$897.68$31.53$866.14
8$12.99$879.14$30.98$848.15
9$12.72$860.87$30.44$830.43
10$12.46$842.89$29.91$812.97
11$12.19$825.17$29.39$795.78
12$11.94$807.72$28.87$778.84
13$11.68$790.53$28.37$762.16
14$11.43$773.59$27.86$745.73
15$11.19$756.91$27.37$729.54
16$10.94$740.48$26.89$713.60
17$10.70$724.30$26.41$697.89
18$10.47$708.36$25.94$682.43
19$10.24$692.66$25.47$667.19
20$10.01$677.20$25.02$652.18
21$9.78$661.96$24.57$637.40
22$9.56$646.96$24.12$622.84
23$9.34$632.18$23.69$608.50
24$9.13$617.62$23.25$594.37
25$8.92$603.28$22.83$580.45
26$8.71$589.16$22.41$566.75
27$8.50$575.25$22.00$553.24
28$8.30$561.54$21.60$539.95
29$8.10$548.05$21.20$526.85
30$7.90$534.75$20.81$513.94
31$7.71$521.65$20.42$501.23
32$7.52$508.75$20.04$488.72
33$7.33$496.05$19.66$476.39
34$7.15$483.53$19.29$464.24
35$6.96$471.20$18.93$452.28
36$6.78$459.06$18.57$440.49
37$6.61$447.10$18.21$428.88
38$6.43$435.32$17.87$417.45
39$6.26$423.71$17.52$406.19
40$6.09$412.28$17.19$395.10
41$5.93$401.02$16.85$384.17
42$5.76$389.93$16.53$373.41
43$5.60$379.01$16.20$362.81
44$5.44$368.25$15.88$352.36
45$5.29$357.65$15.57$342.08
46$5.13$347.21$15.26$331.95
47$4.98$336.93$15.00$321.93
48$4.83$326.76$15.00$311.76
49$4.68$316.43$15.00$301.43
50$4.52$305.95$15.00$290.95
51$4.36$295.32$15.00$280.32
52$4.20$284.52$15.00$269.52
53$4.04$273.57$15.00$258.57
54$3.88$262.44$15.00$247.44
55$3.71$251.16$15.00$236.16
56$3.54$239.70$15.00$224.70
57$3.37$228.07$15.00$213.07
58$3.20$216.26$15.00$201.26
59$3.02$204.28$15.00$189.28
60$2.84$192.12$15.00$177.12
61$2.66$179.78$15.00$164.78
62$2.47$167.25$15.00$152.25
63$2.28$154.54$15.00$139.54
64$2.09$141.63$15.00$126.63
65$1.90$128.53$15.00$113.53
66$1.70$115.23$15.00$100.23
67$1.50$101.73$15.00$86.73
68$1.30$88.04$15.00$73.04
69$1.10$74.13$15.00$59.13
70$0.89$60.02$15.00$45.02
71$0.68$45.69$15.00$30.69
72$0.46$31.15$15.00$16.15
73$0.24$16.40$15.00$1.40
74$0.02$1.42$1.42$0.00
Option C Payment Schedule
MonthInterest AmountBeginning BalanceFixed PaymentEnding Balance
1$15.00$1,015.00$100.00$915.00
2$13.73$928.73$100.00$828.73
3$12.43$841.16$100.00$741.16
4$11.12$752.27$100.00$652.27
5$9.78$662.06$100.00$562.06
6$8.43$570.49$100.00$470.49
7$7.06$477.55$100.00$377.55
8$5.66$383.21$100.00$283.21
9$4.25$287.46$100.00$187.46
10$2.81$190.27$100.00$90.27
11$1.35$91.62$91.62$0.00

Other Saving Strategies

  • Don't wait for your credit card bill. Make payments as early and as often as possible to reduce your interest charges. For example:
    • For Option C: Instead of paying $100.00 every month, if you pay $50.00 every 2 weeks you will save an additional $7.19 for a total savings of $714.46 and 9 years and 1 month compared to just making the minimum payment.
  • Switch to a low-rate credit card1. Let's say you had a credit card with an interest rate of 12% and an annual fee of $302. Even if you were only making the minimum payments, you would still save $151.403 in interest and pay off your balance 2 years sooner than with your current credit card at 18.00%.
  • Check with your financial institution to see if you qualify for other lower interest credit products.
  1. Not everyone qualifies for a low rate credit card. Check with your credit card issuer to see if you qualify.
  2. The interest rate and annual fee are examples only.
  3. Total savings take into account the $30 annual fee, assuming the annual fee is not subject to an interest rate charge.

For More Information

  • Do you often carry a balance? Check out Choosing a credit card to see if there is a better card for you. If you are paying a high interest rate, you may want to consider a low rate credit card.
  • For more information about credit cards fees and charges check out the Credit Card Comparison Tool.
  • For more information about debt and budgeting check out Managing your money.

We offer this credit card calculator as a self-help tool for your use. This tool does not replace professional financial advice. We cannot guarantee that this calculator will apply or be accurate in your situation. For example, your credit card issuer may make its calculations in a different way. All calculations are examples only. This calculator does not include other fees, such as those for optional services (credit balance insurance, etc).

This calculator assumes that:

  • you are already carrying a balance, which means that no grace period applies; and
  • you are not making any more transactions with the credit card while you are paying off the balance.
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