Finance Tools

Credit Card Payoff Calculator

Enter your balance and APR, then either set a fixed monthly payment or a target payoff time. You'll see exactly how many months until you're debt-free, how much interest you'll pay along the way, and the date of your final payment. Results update instantly — no sign-up, nothing is saved.

Your card

$
%

You'll find your APR on your card statement. The average US credit card APR is above 20%.

$

The same amount every month. Paying more than the minimum is what shrinks your payoff time.

Your payoff plan

Debt-free date
—
—
Months to pay off
—
Monthly payment
—
Total interest
—
Total amount paid
—
Principal — Interest —

Balance over time

Month-by-month payoff schedule

MonthPaymentInterestPrincipalBalance

How it works

Every month, your card charges interest on whatever balance is still outstanding. Your payment first covers that month's interest, and only what's left over reduces your balance — which is why a balance shrinks slowly at first and faster near the end.

Monthly rate = APR ÷ 12
Interest this month = Balance × Monthly rate
Balance reduction = Payment − Interest this month
1

Enter your balance & APR

Both are on your monthly statement. The APR is the yearly interest rate your card charges on carried balances.

2

Choose how you'll pay

Set a fixed monthly payment you can afford, or pick a target — debt-free in 12, 24, 36 months — and get the payment that gets you there.

3

See your debt-free date

The calculator simulates every month of payments and interest, then totals the true cost of the debt and the month of your final payment.

A worked example

A $5,000 balance at 20% APR paid with $200 a month takes 33 months to clear. Total interest is $1,522.10, so you repay $6,522.10 in total. Want it gone in 24 months instead? The required payment is $254.48 a month, and the interest drops to $1,107.50 — a saving of $414.60 for paying $54.48 more each month. Try both modes above with these numbers to see the same results.

Why minimum payments cost so much

Minimum payments are usually only 1–3% of your balance, so they barely cover the month's interest early on. As the balance falls, the minimum falls with it, stretching repayment over many years. A fixed payment — even a modest one — keeps the principal portion growing every month and ends the debt on a date you choose.

Frequently asked questions

It depends on your balance, APR and monthly payment. Interest is charged each month on the remaining balance, so a fixed payment clears the balance faster over time as more of each payment goes to principal. Enter your numbers in the calculator to get your exact month count and debt-free date.

This calculator uses the standard monthly method: your APR is divided by 12 to get a monthly rate, and that rate is applied to your remaining balance each month. A 20% APR is a monthly rate of about 1.667%, so a $5,000 balance accrues about $83.33 of interest in the first month.

Your balance will never go down — it stays flat or grows. Your payment must exceed the interest charged that month for the balance to shrink at all. The calculator warns you if your payment doesn't cover the first month's interest, and by how much you need to raise it.

Switch the calculator to "Pay off in a set time", enter 24 months, and it shows the exact monthly payment required. For a $5,000 balance at 20% APR, that payment is $254.48 per month, with $1,107.50 of total interest and $6,107.50 repaid in total.

Yes. Interest is charged on the remaining balance, so every extra dollar of principal paid early removes interest in every following month. On a $5,000 balance at 20% APR, raising your payment from $150 to $200 a month cuts the payoff time from 50 months to 33 months and saves $836.99 in interest.

Results are close estimates. The calculation assumes a fixed APR, the same payment every month, and no new purchases, cash advances, fees or penalty rates. Card issuers typically use an average-daily-balance method, so your statement figures can differ by a few dollars.

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Disclaimer: Results from this calculator are estimates for general information only and are not financial advice. They assume a fixed APR, no new charges, and payments made on time every month. Your actual payoff time and interest will depend on your card issuer's terms, daily balance calculations, fees, and any rate changes. For advice about your specific situation, consider speaking with a qualified financial adviser or a non-profit credit counselor.