Payment Calculator
How much to pay each month to clear your balance in N months.
Required monthly payment
$262
Cuts in half: pay double the monthly to halve the time. Aggressive payoff in 6-12 months saves the most interest.
Payment scheduleShow by month ▾Hide ▴
| Period | Interest | Principal | Balance |
|---|---|---|---|
| Month 1 | $96 | $166 | $4,834 |
| Month 2 | $93 | $169 | $4,665 |
| Month 3 | $89 | $172 | $4,492 |
| Month 4 | $86 | $176 | $4,316 |
| Month 5 | $83 | $179 | $4,137 |
| Month 6 | $79 | $183 | $3,955 |
| Month 7 | $76 | $186 | $3,769 |
| Month 8 | $72 | $190 | $3,579 |
| Month 9 | $69 | $193 | $3,386 |
| Month 10 | $65 | $197 | $3,189 |
| Month 11 | $61 | $201 | $2,988 |
| Month 12 | $57 | $205 | $2,783 |
| Month 13 | $53 | $209 | $2,575 |
| Month 14 | $49 | $213 | $2,362 |
| Month 15 | $45 | $217 | $2,146 |
| Month 16 | $41 | $221 | $1,925 |
| Month 17 | $37 | $225 | $1,700 |
| Month 18 | $33 | $229 | $1,471 |
| Month 19 | $28 | $234 | $1,237 |
| Month 20 | $24 | $238 | $999 |
| Month 21 | $19 | $243 | $756 |
| Month 22 | $14 | $247 | $509 |
| Month 23 | $10 | $252 | $257 |
| Month 24 | $5 | $257 | $0 |
A credit card payment calculator works backward from a goal: you pick when you want to be debt-free, and it tells you the fixed monthly payment that gets you there.
Enter your balance, APR, and a target number of months. The tool returns the level payment required and the total interest you will pay over that term.
It is the right tool when you have a deadline in mind, such as clearing a card before a promotional rate ends, and want to know exactly what it takes each month.
How this calculator works
To clear a balance B in a set number of months n, the calculator solves the standard amortization formula for the payment: P = B x r / (1 - (1 + r)^-n), where r is the monthly periodic rate (APR divided by 12). It assumes no new charges and a constant payment. Shortening the term raises the required payment but sharply lowers total interest, because interest accrues on the balance every month it remains unpaid.
What affects the number
- A shorter term means a higher monthly payment but far less total interest.
- The required payment must clear the monthly interest first, so very short terms on high balances can demand large payments.
- The estimate assumes no new charges; every new purchase raises the payment needed to hit your date.
- A higher APR raises the required payment for the same payoff date.
- Setting autopay for the fixed amount, not the minimum, keeps the plan on track.
- Building in a small buffer helps absorb a fee or a tight month without breaking the schedule.
Frequently asked questions
How do I calculate the monthly payment to pay off a card in a set time?
Use the amortization formula P = B x r / (1 - (1 + r)^-n), where B is the balance, n is the number of months, and r is the APR divided by 12. This calculator solves it for you when you enter a balance, APR, and target months. The result is the level payment that reaches zero on schedule if you add no new charges.
Is it better to pick a payment or a payoff date?
They are two views of the same math. If cash flow is your limit, set a comfortable payment and see how long it takes; if a deadline matters, set the months and see the required payment. Many people set the shortest term whose payment still fits their budget.
Will a shorter payoff term really cost less?
Yes. A shorter term means the balance spends fewer months accruing interest, so total interest drops even though the monthly payment is higher. The tradeoff is a larger payment, so choose a term you can sustain without missing months.
What if I cannot afford the calculated payment?
Lengthen the target term to lower the required payment, or lower your APR first through a balance transfer or a lower-rate request to your issuer. You can also combine a smaller fixed payment with occasional windfalls. Avoid dropping to the minimum, which resets you onto the slowest, most expensive path.
This calculator provides general estimates for educational purposes only and is not financial advice. Your actual costs and credit outcomes depend on your specific card terms, issuer, and situation.