Credit card payoff calculator
Enter your balance, the card's APR and what you can pay each month. The calculator shows the payoff month and the total interest, or works backwards from a target number of months.
How it works
Card interest is charged on the balance you carry. Each month, part of your payment covers that month's interest and the rest reduces the balance. If your payment only just covers the interest, the balance barely moves; if it is below the interest, the debt grows.
This calculator uses the APR divided by 12 as the monthly rate and applies it to the remaining balance each month. Real cards usually calculate interest daily and may charge different rates on purchases, cash advances and balance transfers, so treat the result as a close estimate and check your statement for the exact rates.
The formula
Monthly rate r = APR / 12. Each month: interest = balance × r, balance = balance + interest − payment.
Months to clear (closed form): n = −ln(1 − r·B / P) / ln(1 + r), rounded up. Payment to clear in n months: P = B·r(1+r)n / ((1+r)n − 1).
Worked example
A $5,000 balance at 18% APR (1.5% a month) with a fixed $200 payment takes 32 months to clear and costs $1,313.96 in interest. To clear a $3,000 balance at 20% APR in 24 months, you would need to pay $152.69 a month, about $664 of interest in total.
Frequently asked questions
Why does paying only the minimum take so long?
Minimum payments are often set as a small percentage of the balance, so as the balance falls the payment falls too. Most of each payment goes on interest, which stretches repayment over many years. A fixed payment that does not shrink clears the debt much faster.
Does this include balance transfer fees or 0% periods?
No. Model a 0% deal by entering 0 as the APR for the promotional period, then re-run with the standard rate for whatever balance is left. Add any transfer fee to the starting balance.
Is the result exact?
It is an estimate. Issuers usually compound daily and may apply payments to different balances in a set order. The difference is usually small for a steady balance, but your statement is the final word.
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General information, not personal financial advice. Results are estimates based on the inputs and assumptions shown.