Credit Card Payoff Calculator

Credit card interest compounds against you at rates that would be spectacular if you were earning them. Enter your balance, APR and a fixed monthly payment, and this calculator simulates the payoff month by month: how long until you are debt-free, the total interest paid, and how much faster a bigger payment gets you there. Small increases have outsized effects.

Your numbers

$
%
$
Debt-free in —
Payoff date—
Total interest you'll pay—
Total paid—
—
BalanceInterest

Results update as you type and are estimates for education only — they don't account for taxes, fees or your personal situation, and nothing here is financial advice. Your inputs stay on this device.

How it works

  1. Enter your current card balance and the APR from your statement (US averages have hovered above 20% in recent years).
  2. Set the fixed amount you can pay every month - the calculator warns you if it does not even cover the monthly interest.
  3. Read the payoff time and total interest, then try a higher payment to see the savings.
  4. Repeat for each card if you carry several; pay minimums on all and direct every spare unit at one target card.

The formula

Each month: interest = balance x (APR / 12); new balance = balance + interest - payment. The simulation repeats until the balance reaches zero, counting months and accumulating interest.

Frequently asked questions

Why do minimum payments take decades to clear a card?
Minimums are typically set around 1-3% of the balance - barely above the monthly interest charge - so almost nothing reduces principal. A balance that would clear in two years with a fixed payment can take 15-25 years on minimums, at several times the interest cost.
Avalanche or snowball - which payoff method is better?
Avalanche (highest APR first) is mathematically cheapest; snowball (smallest balance first) delivers quick psychological wins that keep many people on track. The best method is the one you will actually sustain - both beat drifting on minimums.
Is a balance transfer or consolidation loan worth it?
A 0% balance-transfer promotion or a lower-APR personal loan can cut interest dramatically if - and only if - you stop adding new charges and clear the balance within the promotional window. Watch transfer fees of 3-5% and the reversion APR after the promo ends.
Keep planning

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