Credit Card Payoff Calculator

This calculator uses a simplified monthly interest estimate (balance × APR ÷ 12). Actual issuers often compute interest using a daily-balance method, so your statement may differ slightly. The estimate assumes no new purchases or fees are added.

A higher APR means more of each payment goes to interest, extending the time and cost to pay off the same balance. Even a small difference in APR can meaningfully change the total interest paid.

Minimum payments are often a small percentage of the balance. They keep the account current but can extend payoff over many years and greatly increase total interest. A fixed monthly payment above the minimum usually pays the balance off much faster.

Any amount paid above the monthly interest reduces the principal balance. Because future interest is calculated on that lower balance, extra payments reduce both the payoff time and the total interest paid.

If a payment only covers the monthly interest — or less — the balance barely moves or can even grow. This calculator warns when a payment is too low to reduce the balance.

Enter your balance, APR, and the monthly payment you can afford. The calculator projects month-by-month until the balance reaches zero, adjusting the final payment so the balance never goes negative.

This estimate assumes no new purchases or fees. Adding new charges increases the balance and extends the payoff timeline beyond the estimate.

Many issuers calculate interest daily based on the average daily balance. This calculator's monthly approximation is close for planning but may not match your statement exactly.