Credit Card Payoff Calculator
See how long a credit card balance takes to clear — and how much interest it costs.
How to use the Credit Card Payoff Calculator
- Enter your current card balance.
- Enter the card’s APR and what you pay each month.
- See the payoff time and total interest.
Balance is amortised monthly: interest = balance × APR ÷ 12, then the payment reduces the rest
About the Credit Card Payoff Calculator
This calculator runs your card forward one month at a time. Each month it adds interest — the balance multiplied by the APR divided by twelve — then subtracts the fixed payment you enter, repeating until the balance reaches zero. From that loop it reports how long the card takes to clear, the total interest you pay, and the total you repay. If your payment does not even cover the first month’s interest, it tells you the balance never clears, because the debt grows faster than you pay it down.
The interest total is the figure that stings, and the one that rewards paying more. Because interest is charged on whatever is left, every amount above the minimum attacks the balance directly and compounds into months and interest saved. Paying more than the minimum — not simply paying on time — is what actually clears a card.
What it does not model: it holds the APR and payment fixed and assumes no new spending. Real cards set a minimum payment that shrinks as the balance falls, dragging payoff out far longer; rates are often variable; and fees are not included. Compare borrowing with the loan calculator, or see the same compounding build savings in the compound interest calculator.
Frequently asked questions
What if my payment is too small to clear the card?
If your monthly payment does not exceed the first month’s interest, the balance grows instead of shrinking and never clears. The calculator detects this and tells you to raise the payment rather than showing an impossible payoff date.
Why does paying a little extra each month save so much?
Because interest is charged on the remaining balance every month. Anything you pay above what the interest costs goes straight at the principal, which lowers next month’s interest, and the effect compounds. Small extra payments can cut both the payoff time and the total interest sharply.
Does it use the card’s minimum payment?
No. It assumes the fixed payment you enter, held steady until the card is clear. Real card minimums are a percentage of the balance and shrink as it falls, which stretches payoff out much longer — one reason paying a fixed amount beats paying the minimum.
Does it include new purchases, fees or a changing rate?
No. It assumes no new spending on the card, no fees, and a fixed APR for the whole payoff. Real cards often have variable rates and charges, so treat the result as the best case for the plan you entered.
Is the APR the same as the monthly interest rate?
No. The APR is the annual rate. The calculator divides it by twelve to get the monthly rate it applies to your balance each month, which is the standard way card interest is charged.
Guides & articles about this tool
What Is My Credit Card Payoff Date & Total Interest Cost
Your credit card payoff date is the day the balance finally hits zero, and that date changes every time you add a charge or make a payment. This piece sho…