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Finance

Credit Card Payoff Calculator

Find out how long it takes to clear a credit card balance with a fixed monthly payment, or the payment you need to be debt-free by a target month.

Free · no sign-up Runs in your browser
Card details
What do you want to find?
Assumes no new charges and interest of APR ÷ 12 charged on the balance each month.

How to use the credit card payoff calculator

Enter your current card balance and the card's interest rate (APR). Then choose what you want to find:

  • How long it takes with a fixed monthly payment: enter the amount you plan to pay each month to see the number of months, the final payment, the total paid and the total interest.
  • The monthly payment to be debt-free by a target month: enter the number of months you want to be done in, and the calculator finds the payment that gets you there.

A summary table lists every month for payoffs of up to two years and one row per year for longer ones.

How the payoff is calculated

Each month the card charges interest of APR ÷ 12 on the balance, rounded to the cent. Your payment covers that interest first and the rest reduces the balance. The calculator repeats this month by month until the balance reaches zero, and the last payment is only what is left.

If your payment is not larger than the first month's interest, the balance never goes down. The calculator tells you so and shows the smallest payment that makes progress. Simulations stop at 1,200 months (100 years).

For a target number of months, the required payment comes from the annuity formula M = B × r / (1 − (1 + r)^−n), rounded up to the next cent so the balance is cleared on time.

Worked example

A balance of 5,000 at 20% APR has a monthly rate of about 1.667%. The first month's interest is 83.33.

  • Paying 200 a month clears the card in 33 months. The final payment is 122.13, you pay 6,522.13 in total and 1,522.13 of that is interest.
  • To be debt-free in 24 months you need to pay 254.48 a month, and the total interest drops to 1,107.51.

Good to know

  • The calculator assumes no new purchases, fees or rate changes. New spending on the card pushes the payoff date back.
  • Card issuers usually charge interest on the average daily balance, so real statements differ slightly. Treat the results as estimates.
  • Paying only the minimum payment, which shrinks as the balance falls, takes far longer than a fixed payment.
  • Even a small increase in your monthly payment can cut months and a lot of interest from the payoff.

Frequently asked questions

Why does the calculator say my balance will never be paid off?

If your monthly payment is equal to or less than the interest charged in the first month, the payment only covers interest and the balance never falls. The message shows the minimum amount you need to pay to start reducing the balance.

How is the monthly interest calculated?

The APR is divided by 12 and applied to the balance each month, then rounded to the cent. Many issuers use a daily rate on the average daily balance, which gives slightly different numbers, so the results are estimates.

Does the calculator include new purchases?

No. It assumes you stop using the card while paying it off. Any new charges add to the balance and make the payoff take longer.

Why is the last payment smaller than the others?

The final month only needs to cover what is left of the balance plus that month's interest, which is usually less than a full payment.