See the real cost of only paying the minimum — and how much faster you escape with even a small extra payment.
Banks set low minimum payments to maximize interest revenue. At 19.9% interest on a $2,000 balance, paying only the minimum means the majority of your payment goes to interest — your balance barely moves. Adding even $25–$50 extra per month dramatically shortens your payoff timeline and saves you hundreds of dollars.
This calculator uses the Canadian standard minimum payment: 2% of outstanding balance or $10, whichever is greater. Results are estimates for educational purposes only.