Credit card payoff calculator
See how long a card balance may take to pay off and how much interest you may save by paying more than the minimum.
Payoff Time
0 monthsWhat it does
This calculator estimates payoff time, total interest, total paid, and an estimated debt-free date for one credit card balance. It compares your current plan with the minimum payment and an added-payment scenario.
It is best for planning a repeatable payoff amount. If the card has promotional rates or balance transfer fees, include those separately when making a final decision.
How to use it
Enter the current balance and APR from the card statement. Add the minimum payment and any extra amount you can pay every month.
Try raising the extra payment in small steps. The comparison table shows how a higher payment may change interest and payoff time.
How it works
Credit card interest is usually quoted as an APR, but the balance often accrues interest daily or monthly depending on issuer rules. This calculator uses a monthly interest estimate so you can quickly compare payoff strategies.
Each month, interest is added to the remaining balance, then your payment reduces what is owed. When the payment is much higher than the monthly interest charge, more of each payment goes toward principal and the payoff date moves closer.
What affects it
The largest factors are the balance, APR, monthly payment, and whether new purchases are added. A high APR can keep interest costs elevated, but a consistent extra payment can still reduce the balance faster.
Promotional APRs, balance transfer fees, late fees, annual fees, and penalty rates can change the real payoff. If any of those apply, use this calculator as a baseline and compare it with your card statement details.
Common mistakes
The payoff estimate assumes the balance only goes down. New purchases, late fees, annual fees, or rate changes can extend the payoff and increase interest.
Common mistakes
A common mistake is focusing only on the minimum payment. Minimum payments can keep the account current, but they may stretch repayment for years if the balance is large or the APR is high.
Another mistake is planning an extra payment that is not repeatable. A smaller amount paid consistently can be more useful than a large one-time payment followed by new charges. The best payoff plan usually fits the budget every month.
FAQ
Does this include new purchases? No. It assumes no new charges are added after the starting balance.
Should I pay the highest APR card first? That can save interest, but some people prefer paying the smallest balance first for momentum.
Why does the calculator warn me? If the payment is too close to monthly interest, the balance may barely fall or may not fall at all.