Credit Card Payoff Calculator
See how long a fixed monthly payment takes to clear a credit card balance, and what the interest costs.
Enter your numbers
Results
| Time to pay off | 2 years 2 months (26 payments) |
|---|---|
| Total interest | $1,086.58 |
| Total you will pay | $5,086.58 |
| With $50.00 extra each month | 1 year 8 months (20 payments) |
| Interest saved with the extra payment | $267.92 |
Estimates only. They are based on the numbers you enter and do not account for fees, taxes or changes in rates unless stated.
How this calculator works
Each month, interest is charged on the remaining balance at one-twelfth of the annual rate (APR divided by 12). Your payment first covers that interest, and what is left reduces the balance.
The calculator repeats this month by month until the balance reaches zero. The final payment is smaller than the others if only a small balance remains.
Formula
Monthly interest = balance × (APR ÷ 12 ÷ 100). New balance = balance + monthly interest − payment.
Things to keep in mind
- The result assumes a fixed APR and no new purchases, fees or missed payments. Many cards have variable APRs, so your actual payoff time can differ.
- Paying only the minimum often takes far longer than a fixed payment, because the minimum shrinks as the balance falls.
This tool is for general information and is not financial advice. Looking for a card to go with your plan? Start here: