Credit Card Payoff Calculator
Enter your balance, APR, and the amount you can pay each month to see exactly when you will be debt-free — and what the debt really costs you.
Estimates only — not financial advice. This calculator gives approximate figures for planning. It is not financial, tax, or legal advice; check with a qualified professional before making decisions.
How the credit card payoff calculator works
This credit card payoff calculator simulates your balance month by month: each month interest is added at your card’s monthly rate (APR ÷ 12), then your payment is applied. The simulation runs until the balance reaches zero, so the month count, total interest, and payoff date reflect how cards really amortize — including a smaller final payment.
If your payment does not even cover one month of interest, the calculator tells you plainly: the balance would grow forever at that payment, and you need to raise it. That is the minimum-payment trap in numbers.
monthly rate r = APR ÷ 1200 · months n = −ln(1 − r·B/P) ÷ ln(1+r)
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Credit card payoff calculator FAQ
How does credit card interest actually work?
Your APR is converted to a monthly rate (APR ÷ 12). Each month, interest is charged on the outstanding balance, then your payment reduces it. Because interest compounds monthly, carrying a balance gets expensive fast.
Why does paying only the minimum take so long?
Minimum payments are often 1–2% of the balance, which barely covers the monthly interest. Most of your payment goes to interest and very little reduces the principal, stretching repayment over decades.
What is the fastest way to pay off a card?
Pay as much above the minimum as you can every month. Paying twice the minimum can cut the payoff time and total interest dramatically — try different payment amounts above to see the difference.
Are fees included in the estimate?
No. Annual fees, late fees, balance-transfer fees, and penalty APRs are not included. The estimate covers principal and standard interest only.
What if my APR changes?
Cards can change rates. Re-run the calculation with the new APR to update your payoff date and interest cost.