Credit card payoff calculator
Enter the balance and the card’s APR, then either the amount you can pay each month or the number of months you want to be done in. You get the payoff time, the payment and the interest you will pay.
Runs in your browser: nothing you enter is sent anywhere.
How to use it
- Enter the current balance and the APR from your statement.
- Choose whether you know the monthly payment or the number of months you want.
- Read the months to pay off, the payment, the total interest and the total paid.
How it works
- Monthly rate = APR ÷ 12.
- Each month: balance = balance + balance × rate − payment.
- With a target number of months n, the payment is balance × rate ÷ (1 − (1 + rate)^−n).
- Payoff over more than 100 years (1,200 months) is treated as an error.
Worked example
A 5,000 balance at 20% APR. Paying 200 a month takes 33 months and costs 1,522.10 in interest (6,522.10 in total). To be done in 24 months instead you would pay 254.48 a month, with 1,107.50 of interest.
Tips
- A fixed payment higher than the minimum saves the most interest; the minimum payment usually shrinks as the balance falls, which stretches the payoff.
- Doubling the payment more than halves the time, because less interest is added each month.
Frequently asked questions
How is the payoff time calculated?
Each month the card adds interest of balance × APR ÷ 12, then your payment is taken off. The calculator repeats this until the balance is zero; the last payment is whatever is left. 5,000 at 20% with 200 a month takes 33 months and about 1,522 in interest.
Why does it say my payment is too low?
If the payment is not larger than one month of interest (balance × APR ÷ 12), the balance never shrinks. On 5,000 at 20% that interest is 83.33, so a payment of 80 never pays the card off.
Does the card charge interest by the day?
Most cards compound interest daily on the average balance. This calculator uses the common monthly approximation, APR ÷ 12 per month, so a real statement can differ by a little.
Does the calculator include new purchases or fees?
No. It assumes you stop using the card and pay the same amount every month. New charges, annual fees, late fees and promotional rates are not modelled.