Credit Card Payoff Calculator
See how long a credit card balance takes to clear, and the interest paid, at a fixed monthly payment.
About the Credit Card Payoff Calculator
Enter the balance and APR, then either the fixed amount you'll pay each month or the date you want to be debt-free by. The calculator gives the payoff time or the payment needed, the total interest and a chart of the balance falling.
Card interest is charged monthly at APR ÷ 12 on the balance. Paying a fixed amount above the interest steadily reduces it; paying more early saves the most interest. Stopping new spending on the card is essential.
The formula
Each month: balance = balance × (1 + APR/12) − payment
Worked example
5,000 at 22.99% APR
- Paying 200 a month: debt-free in 2 years 11 months, 1,871 of interest
- To clear it in 24 months instead: 261.84 a month, 1,284 of interest
Things to keep in mind
- Assumes no new spending, fees or rate changes.
Questions people ask
Should I pay off the highest rate card first?
Yes for the least interest (the avalanche method).
Will a balance transfer help?
A 0% transfer can save a lot if you clear it before the offer ends; watch the transfer fee.
Why not just pay the minimum?
Minimums shrink with the balance, so payoff can take well over a decade; see the Minimum Payment Calculator.