Credit Card Payoff Calculator
Enter your balance, interest rate (APR) and a monthly payment to see how long it takes to pay the card off and how much interest it costs. Or enter the number of months you want, and the tool finds the monthly payment. Add an extra amount to see how much sooner you finish and how much interest you save. Everything runs in your browser.
| Year | Interest | Principal | Balance left |
|---|---|---|---|
| 1 | $1,008.94 | $1,391.06 | $3,608.94 |
| 2 | $653.20 | $1,746.80 | $1,862.14 |
| 3 | $208.96 | $1,862.14 | $0.00 |
Interest each month is the balance times the annual rate divided by 12, rounded to the cent, and the payment goes first to that interest and the rest to the balance. Real cards charge interest daily, so a statement can differ by a few dollars. The result assumes a fixed payment, no new purchases, no fees and a fixed rate. If the payment is not larger than a month of interest, the balance never goes down, and the tool says so. Everything is worked out in your browser and nothing is uploaded.
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Math & MoneyAbout the Credit Card Payoff Calculator
Each month the card adds interest, which is the balance times the annual rate divided by 12, rounded to the cent, and your payment first covers that interest and then reduces the balance. The tool repeats this month by month in whole cents until the balance reaches zero, so the final payment is usually smaller than the others. For a 5,000 dollar balance at 22.99 percent APR, paying 200 dollars a month takes 35 months and costs 1,871.10 dollars in interest, while paying 250 dollars takes 26 months and costs 1,365.55. If the payment is not larger than one month of interest, the balance would never go down, so the tool refuses and tells you the minimum that works. The payoff date mode finds the smallest whole-cent payment that clears the balance within the months you choose, using the loan payment formula and then checking it against the real month-by-month schedule. A yearly table shows the interest, the principal and the balance left. Real cards charge interest on the average daily balance, and the minimum payment, fees and new purchases change over time, so treat the result as an estimate and compare it with your statement. The tool assumes a fixed rate and a fixed payment. Nothing is uploaded.
How long will it take to pay off my credit card?▾
Enter the balance, the APR and what you can pay each month. For 5,000 dollars at 22.99 percent paying 200 dollars a month, it takes 35 months. The tool also shows the total interest and the final, smaller payment.
How much should I pay each month to be debt free in a set time?▾
Choose the payoff date mode and enter the number of months. For 5,000 dollars at 22.99 percent over 24 months, the payment is 261.85 dollars. The tool finds the smallest payment that clears the balance within that time.
Why does my balance not go down?▾
If the payment is no larger than the interest charged in a month, the balance stays the same or grows. On 5,000 dollars at 24 percent the interest is 100 dollars a month, so a 100 dollar payment never reduces it. Raise the payment above the monthly interest.
How much does an extra payment save?▾
Type the extra amount in the optional box. Adding 50 dollars to a 200 dollar payment on that 5,000 dollar balance finishes in 26 months instead of 35 and saves about 506 dollars in interest, since every extra dollar goes straight to the balance.
Is this exact for my card?▾
It is an estimate. Cards usually charge interest daily on the average balance, so the figures can differ by a few dollars, and new purchases, fees and changes in rate are not included. Your balance and payments are not uploaded.