Debt repayment calculator
This calculator uses the standard amortization formula lenders use to compute a fixed monthly payment for a given balance, interest rate and term. Adjust any field and the results update immediately.
- Required monthly payment
- $407.13
- Total amount paid
- $9,771.06
- Total interest paid
- $1,771.06
Estimates only. Actual results depend on your lender's compounding method, fees and any rate changes over the repayment term.
This tool assumes a fixed rate and no additional charges accruing during the term. Actual revolving accounts with variable balances will differ.
Reading your results
The required monthly payment is the fixed amount that fully retires the balance, plus all accrued interest, by the end of your target month. The total interest paid figure is often the most instructive number on the page: it shows precisely what the interest rate costs you in dollar terms over the timeline you chose, which makes the tradeoff between a shorter aggressive timeline and a longer comfortable one concrete rather than abstract.
0%–59.99%
Interest rate range supported
1–120 mo
Payoff window supported
CAD
All figures shown in Canadian dollars
Setting a realistic goal
A goal that ignores your actual budget capacity is not a plan — it is a wish. Before committing to a timeline, run the required monthly payment against the number you produced in a budget audit (see our guide to making a debt-free plan). If the required payment exceeds your available capacity, lengthen the target timeline until the payment fits, rather than committing to a figure you cannot sustain for the full term.
Build in a margin
Whatever payment the calculator produces, aim to keep it comfortably under your true available capacity. Life events — a car repair, a reduced pay period — are inevitable over a 12 to 24 month window, and a plan with no margin collapses at the first one.
Three ways to shorten the timeline without raising the payment
- Negotiate a lower rate. Even a few points off the annual rate reduces both the monthly payment and the total interest meaningfully over a multi-year term.
- Apply lump sums as they arrive. Tax refunds, bonuses and rebates applied directly to principal shorten the term far more than the same amount spread across future monthly payments.
- Consolidate multiple high-rate balances. Combining several accounts into a single lower-rate arrangement can reduce your blended rate significantly — speak with an FDR representative about whether a consolidated arrangement applies to your accounts.
Talk to FDR Asset Group
If one of your accounts is with FDR, bring your calculated target payment to a conversation with our team. Visit payment options to see available arrangements, or contact us to discuss a plan tailored to your figures.