Credit Card Payoff Calculator
Use this credit card payoff calculator to estimate how long it will take to pay off your balance, your payoff date, and the total interest you may pay—based on your current balance, APR, and monthly payment.
Want to get out of debt faster? Add an optional extra monthly payment to see how much time and interest you could save.
Calculator
Enter your balance, APR, and monthly payment to estimate payoff time, payoff date, and total interest. APR is annual; this calculator estimates a monthly rate by dividing APR by 12.
Show payoff schedule (first 24 months)
| Month | Payment | Interest | Principal | Ending Balance |
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Credit Card Payoff Calculator FAQs
Why does my balance go down slowly at first?
When your balance is high, a bigger portion of each payment can go toward interest, leaving less to reduce principal. As the balance falls, interest usually shrinks and more of your payment goes to principal.
What if my payment is less than the interest?
If your monthly payment doesn’t cover interest, the balance won’t decrease under a steady-rate, steady-payment assumption. Increase payment/extra payment and/or reduce APR.
Is dividing APR by 12 accurate?
It’s a common simplification for planning. Issuers often use daily rates and billing-cycle rules, so real results can differ.
Does this include fees or promotional APR changes?
No. Results exclude fees and promotional APR changes. Estimates assume APR and payments stay steady.
How does an extra monthly payment affect payoff?
Extra payments can reduce payoff time and total interest. Even small extra amounts can help at higher APRs.
Can I use this for multiple cards?
This models one balance at a time. For multiple cards, run each separately, or combine balances with a weighted-average APR (approximation).
Educational use only. Estimates assume a steady APR and steady payments and don’t include fees, promotional rate changes, issuer-specific compounding differences, or payment timing within the billing cycle.