Credit Card Payoff Calculator
See how long it takes to clear a credit card balance at a fixed monthly payment, and what it costs in interest.
Enter your details below.
How to use
- Enter your current card balance and the annual APR.
- Enter the fixed amount you will pay every month.
- Press Calculate to see how many months it takes and the total interest.
About this tool
Card interest accrues monthly on the balance still owed, so a fixed payment clears the debt only if it exceeds each month's interest charge. This calculator uses the payoff formula, which inverts the loan formula: from the balance, the monthly rate and the payment, it finds how many months the balance takes to reach zero, and the interest paid along the way.
Frequently asked questions
What if my payment only covers the interest?
Then the balance never falls, and the debt is never cleared. You need a payment above the monthly interest charge for the balance to shrink.
Will paying more really save much interest?
Yes, often a lot. A larger payment shortens the payoff sharply, and fewer months of interest means a much smaller total interest bill.