How to use this credit card payoff calculator
- Card balance — what you owe today, from your latest statement or app.
- Interest rate — the purchase APR on the card. If part of the balance is on a 0% promotion, see the FAQ below.
- Your goal — choose a fixed amount each month to see how long payoff takes, or a target number of months to see the payment you need.
The results show your debt-free month, counted forward from this month with the first payment next month, and compare your plan with paying only an illustrative minimum. Open the payoff schedule for the year-by-year or month-by-month figures.
How the payoff is calculated
The calculator steps through your balance one month at a time:
It repeats until the balance reaches zero, so the last payment is usually smaller than the others. When you choose a target number of months, it finds the level payment that clears the balance in exactly that time, using the standard loan formula:
If your payment is no bigger than the first month’s interest, the balance never falls, and the calculator tells you so instead of showing a result.
Worked example
These are the calculator’s default inputs: a $4,500 balance at an illustrative 21.9% APR, paying $175 a month.
- First month’s interest: $4,500 × 0.219 ÷ 12 = $82.13, so only about $93 of the first payment reduces the balance.
- Time to pay off: 3 years (36 payments, the last one just $5.27).
- Total interest: $1,630.27, for a total paid of $6,130.27.
Switch the goal to a target of 24 months and the payment needed is $233.23, with $1,097.51 of interest.
Why paying only the minimum takes so long
Card minimums shrink as your balance falls, so the debt is never paid down quickly. The calculator uses an illustrative minimum of that month’s interest plus 1% of the balance, with a $25 floor, or the full balance if that is smaller. This is a common style of formula, but yours may differ, so check your card’s terms.
In the example, the first minimum is $82.13 + $45 = $127.13. Paying only the minimum every month would take 18 years 4 months and cost $7,148.06 in interest — more than the original balance. The fixed $175 plan saves $5,517.79 and finishes 15 years 4 months sooner.
How much a bigger payment helps
For the same $4,500 at 21.9%:
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $150 | 3 years 8 months | $2,077.01 |
| $175 | 3 years | $1,630.27 |
| $200 | 2 years 6 months | $1,346.93 |
| $250 | 1 year 11 months | $1,005.03 |
| $300 | 1 year 6 months | $806.41 |
The first extra dollars make the biggest difference: going from $150 to $200 saves over $700 and more than a year. For practical ways to find that money, read how to pay off credit card debt fast. If you have several cards or loans, the debt payoff calculator plans them together.
What this calculator does not include
- New purchases. It assumes you stop using the card. Anything you add pushes the payoff date back.
- Daily interest. Most cards charge interest daily on your average daily balance, so your statement can differ by a little each month. Our guide to how credit card interest is calculated explains the method.
- Fees and rate changes. Annual fees, late fees and penalty rates are not included, and the APR is assumed to stay the same.
- Promotional rates and balance transfers. A 0% period changes the picture; run the figures again when it ends.
Frequently asked questions
What happens if I pay less than the minimum?
It counts as a missed payment, which can bring a late fee and harm your credit record. In the example, $100 a month is less than the first minimum of $127.13. Always pay at least the minimum, and treat this calculator’s minimum as an estimate.
How do I pick a target number of months?
Try a few. For the example balance, 12 months needs $420.96 a month, 24 months needs $233.23, 36 months needs $171.62 and 48 months needs $141.53. Choose the shortest target whose payment you can keep up every month.
Part of my balance is on a 0% offer. What rate should I use?
Run the calculator for the part charging interest at its APR. For the promotional part, divide the balance by the months left on the offer to find the payment that clears it before the rate goes up.
Should I pay off my card or save first?
Card interest is usually higher than what savings earn, so paying down the card often wins. Many people keep a small cash buffer first so an unexpected bill does not go back on the card.
Can I save my calculation?
Members can save any calculation and reopen it later from their account. The calculator itself is free for everyone, with instant results and no sign-up. See membership.
Results are estimates for educational purposes and are not financial advice. See our disclaimer.