Credit Card Payoff Calculator
See how long it takes to clear a credit card balance and how much interest it costs. Enter your balance, the card APR and what you can pay each month, and adjust the payment to watch the payoff time and interest shrink.
How to use the credit card payoff calculator
- Enter your current card balance and its APR.
- Enter the fixed amount you can pay each month.
- Read the months to payoff, total interest and total paid, then try a higher payment.
Examples
5,000 balance at 18% APR, paying 200 a month
balance 5000, APR 18%, monthly payment 200
Paid off in 32 months with about 1,314 in interest (6,314 paid in total).
Doubling the payment to clear it faster
balance 5000, APR 18%, monthly payment 400
Paid off in 14 months with about 579 in interest, saving roughly 735 versus paying 200.
Frequently asked questions
How does credit card interest work?
Card issuers charge interest on the balance you carry. This tool applies the monthly rate (APR divided by 12) to the balance each month, adds it to what you owe, then subtracts your payment. Interest you do not pay off compounds into the next month's balance.
What is the minimum payment trap?
Minimum payments are usually a tiny slice of the balance, often just enough to cover most of the interest. Paying only the minimum can stretch a balance over many years and cost more in interest than the original purchases. The calculator warns you when a payment is too small to ever clear the balance.
How much faster is it if I pay more than the minimum?
Every extra dollar above the interest charge goes straight to principal, which lowers next month's interest too. Even a modest increase can cut years off the payoff time. Raise the monthly payment in the calculator to see the months to payoff and total interest drop.
What is the difference between APR and APY?
APR is the stated annual rate before compounding. APY (annual percentage yield) folds in compounding, so it is slightly higher than the APR when interest compounds during the year. Credit cards quote APR, which is what you enter here; the month-by-month math produces the effective compounding.
Is my information saved or sent anywhere?
No. The calculation runs entirely in your browser. Your balance, APR and payment never leave your device and nothing is stored.
Related tools
Debt Payoff Calculator
Compare the debt snowball and avalanche methods. Add your balances, rates and an extra payment to see months to debt free and total interest.
Loan Calculator
Free loan calculator. Enter the amount, interest rate and term in years or months to see your monthly payment, total interest and a full payoff schedule.
401(k) Calculator
Project your 401(k) balance with employer match. Enter salary, contribution, match and return to see your contributions, the match and growth over time.
Amortization Schedule Calculator
Build a full loan amortization schedule. Enter the amount, rate and term to see each month's payment, principal, interest and balance, plus total interest.
Annuity Calculator
Calculate the present and future value of an annuity. Enter a payment, rate per period and number of periods for ordinary or annuity due timing.
APR to APY Calculator
Convert APR to APY or APY to APR for any compounding frequency. Enter a rate and how often it compounds to see the effective annual yield.