Credit Card Payoff Calculator
Enter what you owe, your card's APR and the amount you can pay each month.
How it works
- The APR is divided by 12 to get the monthly interest rate.
- Each month, interest is added to the balance, then your payment is subtracted.
- The loop repeats until the balance reaches zero. The final payment is trimmed to whatever is left, which is usually less than a full payment.
Notes
- Monthly interest comes from the annual APR you enter, divided by 12.
- The model assumes no new purchases, no fees and a fixed payment. Real statements vary if you keep using the card.
- If your payment does not cover the monthly interest, the balance grows forever. The calculator says so instead of returning a number.
Common questions
- Why does paying the minimum take so long?
- A minimum payment is often only 1-2% of the balance plus interest, so very little goes to principal. Raising the payment by even $50 a month can cut years off the payoff.
- Is APR the same as the interest I pay?
- APR is the yearly rate. The monthly rate is APR divided by 12, so a 22.99% APR costs about 1.92% of the balance each month.