Credit Card Payoff Calculator
How long to clear a card, and the payment to clear it by a date.
The fixed amount you put toward the card each month.
Time to pay off
- Months
- 33
- Total interest
- $1,522.13
- Total paid
- $6,522.13
Estimate. Assumes a fixed APR, no new charges, and the same payment every month.
How the credit card payoff calculator works
This tool answers the two questions that matter when you are clearing a card. Either you fix a monthly payment and it tells you how many months payoff takes and how much interest you pay, or you fix a number of months and it tells you the payment required to get there.
Credit cards charge interest on the full balance each month. The tool converts your APR into a monthly rate by dividing by twelve, so a 20% APR becomes r = 20 / 1200 = 0.01667 per month. Each month the interest is balance * r, your payment first covers that interest, and whatever is left reduces the principal. The next month is charged on the smaller balance, so the interest share shrinks and the principal share grows until the card hits zero.
When you set a target number of months instead, the payment comes from the standard amortization formula M = balance * r / (1 - (1 + r)^-months), the same engine used for loans.
Worked example
A 5,000 balance at a 20% APR, paying a fixed 200 a month.
- Monthly rate:
r = 20 / 1200 = 0.01667 - First month interest:
5000 * 0.01667 = 83.33, so116.67goes to principal.
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | 200.00 | 83.33 | 116.67 | 4,883.33 |
| 2 | 200.00 | 81.39 | 118.61 | 4,764.72 |
| 33 | 122.13 | 2.00 | 120.13 | 0.00 |
The card is paid off in 33 months, with 1,522.13 in total interest and 6,522.13 paid in all. The final payment is trimmed to 122.13 so the balance lands on exactly zero.
Flip to the deadline view and ask to be debt-free in 12 months instead: the required payment jumps to 463.17 a month, but you pay far less interest because the balance clears so much faster.
How to use it
- Enter your balance and the card’s APR as a percent, for example 20 for 20%.
- Pick a mode. Set a monthly payment to see the payoff time and interest, or set a number of months to get the payment you need.
- Watch for the never pays off warning. It means your payment is at or below the first month’s interest, so the balance cannot fall.
Limitations
This is an estimate, not financial advice. It assumes a fixed APR, no new purchases, and no fees, late charges, or promotional-rate expiry. Your issuer may also round interest on a daily balance rather than monthly, which can shift the figures by a small amount. Use the result to plan and compare, and confirm exact numbers on your statement.
Frequently asked questions
Why does paying only a little more than the interest take so long?
On a credit card the interest is charged on your whole outstanding balance every month. If your payment is barely above that interest, almost none of it goes to principal, so the balance falls very slowly and the interest keeps stacking up. Every extra amount you add lands entirely on principal, which is why even a small increase in the monthly payment can cut years off the payoff and save a large share of the interest.
What does it mean when the result says the card never pays off?
It means your monthly payment is equal to or less than the interest charged in the first month, so the balance either stays flat or grows. At a 20% APR a 5,000 balance is charged about 83 in interest the first month, so a payment of 83 or less makes no progress at all. Raise the payment above that first month of interest and the balance will finally start to shrink.
Is APR the same as the monthly rate?
No. APR is the annual rate. This tool uses the common card convention of dividing it by twelve to get the monthly periodic rate, so a 20% APR becomes about 1.667% per month. The interest you are charged in any month is that monthly rate times the balance you are carrying.
Should I set a payment or a target number of months?
Use whichever you can commit to. If you know what you can afford each month, set the payment and see how long it takes. If you have a deadline, such as clearing the card before a balance-transfer offer ends, set the number of months and the tool returns the fixed payment that gets you there.
Does this assume I stop using the card?
Yes. The estimate assumes a fixed APR, no new purchases, no fees, and the same payment every month. New charges or a higher rate will extend the payoff and increase the interest, so treat the result as a clean baseline for a card you are paying down rather than spending on.