Credit Card Payoff Calculator
Free credit card payoff calculator: how many months to clear your balance, the interest you pay, and how much the minimum payment really costs you.
No currency is shown on purpose: the figures come out in whatever unit you type in.
| Year | Paid | Interest | Balance |
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What it does
It works out, month by month, how long your card balance takes to reach zero with a fixed payment, and how much of what you pay goes to interest. It then compares your plan with paying only the card's minimum, which shrinks as the balance shrinks and can stretch a small debt over decades. No new purchases are added: the plan assumes you stop using the card while you pay it off.
How to use it
- Type the balance from your statement and the card's interest rate.
- Type how much you can pay each month, and the card's minimum payment rule, which is on the statement.
- Read when the card will be paid off, the interest, what the minimum alone would cost, and the payment for a deadline you choose.
The arithmetic runs in your browser. Nothing you type is sent anywhere and nothing is stored, so you can use these with real numbers.
Frequently asked questions
How is credit card interest calculated?
Cards quote an annual rate (APR) and charge one twelfth of it each month on the balance. Banks actually use a daily rate on the average daily balance, so your statement can differ by a few cents; over the whole plan the difference is small.
Why does paying the minimum take so long?
Because the minimum falls as the balance falls, and most of it is interest. A $5,000 balance at 22% with a minimum of 1% plus interest (at least $25) takes more than 19 years and about $8,100 in interest to clear. Paying a fixed $200 a month clears it in 34 months with about $1,750 in interest.
Does a balance transfer help?
Often, if you can clear the balance during the 0% period. Add the transfer fee (usually 3–5%) to the balance, set the rate to 0 and choose the promotional months in "Pay it off in": the payment shown is what clears it before the normal rate starts.
Does it include new purchases or fees?
No. New purchases add to the balance and push the payoff date back, so the plan works best if you stop using the card. Late fees and annual fees are not included either.
Wikipedia — Credit card interest
Wikipedia — Annual percentage rate
Wikipedia — Balance transfer