Credit card payoff calculator
See how long a card balance takes to clear at a fixed payment, or what to pay each month to clear it by a deadline.
Results
Time to pay off
2 years 10 months
This is how long your fixed monthly payment takes to clear the card at 21% a year, if you add no new spending.
- Total interest
- $1,633.20
- Total paid
- $6,633.20
- Final payment
- $33.20
- Interest in the first month
- $87.50Your payment must be more than this to reduce the balance
Card balance over time
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How it works
Each month the card charges interest on the balance, and your payment covers that interest first; the rest reduces the balance. With a fixed payment we step month by month until the balance reaches zero. With a deadline we work out the level payment that clears the balance in exactly that many months. We assume no new spending on the card.
Formula
- r = yearly rate (APR) ÷ 12 ÷ 100
- Each month: interest = balance × r; balance = balance + interest − payment
- Payment needed = balance × r ÷ (1 − (1 + r)^−months)
- Total interest = total paid − starting balance
Frequently asked questions
Why does a small payment take so long to clear the balance?
Most of a small payment is swallowed by interest, so only a little reduces what you owe. If the payment is at or below the monthly interest, the balance never falls at all. Even a modest increase can cut years off the payoff time.
Is this exactly what my card provider will charge?
No, it is an estimate. Card issuers often charge interest daily, and they set their own minimum payment rules, fees and rate changes. We use a simple monthly rate on a fixed payment, which gives a close guide for planning.
Should I just pay the minimum each month?
Minimum payments are usually set low and shrink as the balance falls, which stretches repayment out and adds a lot of interest. Paying a fixed amount above the minimum clears the card much faster. Use the deadline option to find a payment that fits a timeframe you choose.
What if I keep using the card?
This calculator assumes you stop adding new purchases. Any new spending adds to the balance, so the real payoff time would be longer. If you have several cards or loans, the debt payoff calculator can plan them together.
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Results are estimates only, not financial advice. Read the disclaimer.