Credit Card Payoff Calculator
How long to pay off your balance with a fixed monthly payment, plus total interest.
Months to pay off
35
Pay double the minimum to typically cut payoff time by half.
Payment scheduleShow by year ▾Hide ▴
| Period | Interest | Principal | Balance |
|---|---|---|---|
| Year 1 | $1,009 | $1,391 | $3,609 |
| Year 2 | $653 | $1,747 | $1,862 |
| Year 3 | $209 | $1,862 | $0 |
👉 Have a specific balance? See payoff plans by balance — the exact monthly payment and interest to clear $1,000 to $50,000.
A credit card payoff calculator shows how long it will take to erase a balance if you pay a fixed amount every month, and how much of your money goes to interest along the way.
Enter your balance, APR, and the monthly payment you can commit to. The tool returns the number of months to zero and the total interest, so you can see the real cost of the debt before you start.
Because interest keeps accruing on whatever you still owe, small changes to your monthly payment can move the payoff date and total cost more than most people expect.
How this calculator works
The calculator converts your APR to a monthly periodic rate (APR divided by 12) and applies it to the remaining balance each month, the same way an issuer compounds interest. Each month it adds interest, subtracts your fixed payment, and repeats until the balance reaches zero. The number of months follows the amortization formula n = -ln(1 - (r x B) / P) / ln(1 + r), where B is the balance, P is your monthly payment, and r is the monthly rate. Total interest is the sum of every monthly interest charge, roughly (P x n) - B. If your payment is less than or equal to the first month's interest (B x r), the balance never falls and the card is never paid off.
What affects the number
- APR is the biggest lever: even a few points changes both the payoff time and the total interest sharply.
- Your fixed payment must exceed the first month's interest, or the balance grows instead of shrinking.
- Issuers actually compound daily (APR/365 on the average daily balance), so real interest can run slightly higher than a monthly estimate.
- New purchases restart the math; the fastest results come from pausing new spending on the card.
- Paying even a little above your fixed amount cuts interest more than expected, because the extra goes entirely to principal.
- A promotional 0% APR changes the picture until it expires, so know the go-to rate and any deferred-interest terms.
Frequently asked questions
How is credit card interest calculated?
Issuers usually apply a daily periodic rate equal to your APR divided by 365 to your average daily balance, then sum the daily charges over the billing cycle. For planning, multiplying the balance by APR/12 each month gives a close monthly estimate. This calculator uses the monthly method, which is accurate enough for payoff projections.
Why does paying more each month save so much interest?
Interest is charged only on the balance that remains, so every extra dollar of principal you pay stops accruing interest for the rest of the payoff. Since your required payment already covers that month's interest, anything above it attacks principal directly. Over months and years those avoided charges add up.
What happens if my payment is too low?
If your fixed payment is less than or equal to the first month's interest, the balance never goes down and the card is never paid off. In that case the calculator cannot return a payoff date. You need a payment above the monthly interest, which is roughly balance times APR/12.
Does the calculator assume I stop using the card?
Yes. It assumes no new purchases, cash advances, or fees are added during the payoff period. Any new charges increase the balance and extend both the timeline and the total interest.
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.