Credit Card Payoff Calculator
Pay off a credit card and see the real cost of interest
Enter your balance, APR, and monthly payment to estimate months to payoff, a projected payoff date, and total interest. Add optional extra payments to see the impact.
Credit card payoff calculator for payoff time, payoff date, and total interest
This credit card payoff calculator estimates how long it will take to pay off a credit card balance based on your APR and your monthly payment. It also estimates how much interest you will pay in total and gives you a projected payoff date. This matters because credit card interest can keep a balance alive for years if payments are too close to the interest being charged each month.
To use the calculator, enter your current balance, the card’s APR, and the amount you plan to pay each month. If you sometimes pay more than your standard payment, enter an extra monthly amount. If you plan to make a one-time extra payment right now, enter it as well. The calculator will apply interest each month, subtract your payment, and repeat until the balance reaches zero. If you provide a start date, the payoff date is shown as a calendar estimate. If you leave the start date blank, the calculator assumes today.
The results are designed to be decision-useful. Months to payoff tells you the timeline. Total interest shows the cost of borrowing over that timeline. Total paid is the balance plus interest. If you include extra payments, the calculator also shows the baseline result without extra payments, so you can see the savings from paying more. This helps answer the practical question most people actually have: “If I pay X per month, when am I done, and what does it really cost me?”
Assumptions and how to use this calculator
- Interest is compounded monthly using a simple monthly rate (APR ÷ 12). Different issuers may use daily compounding, which can slightly change results.
- Payments are assumed to happen once per month, after interest is applied for that month, and the payment amount stays consistent unless you add an extra payment field.
- The calculator assumes you stop adding new purchases to the card. New spending increases the balance and can extend payoff time.
- If a one-time extra payment is entered, it is applied immediately at the start (before the monthly cycle begins), reducing the principal from day one.
- Fees, penalty APRs, promotional rates, and changes to APR over time are not modeled. If your rate changes, rerun the calculator with the new APR for an updated estimate.
Common questions
Why does my balance barely go down even though I pay every month?
If your payment is close to the monthly interest charge, most of your money is covering interest and very little reduces the principal. This calculator will warn you if your payment is too small to ever pay off the balance at the given APR.
What is the difference between APR and my monthly interest rate?
APR is an annual rate. A rough monthly rate is APR divided by 12. Credit cards often calculate interest daily and then add it monthly, so real outcomes may differ slightly, but APR ÷ 12 is a useful planning estimate.
What happens if I make extra payments?
Extra payments reduce the balance faster, which reduces future interest charges. Even small recurring extras can cut months off the payoff timeline and reduce total interest. The calculator shows a baseline scenario without extras so you can see the savings.
What if I do not know my exact APR or payment amount?
Use your best estimate. You can rerun the calculator with a slightly higher APR or a slightly lower payment to see a conservative scenario. Planning with a range is often more realistic than trying to be perfect.
When might this calculator not apply?
If you are on a promotional 0% period, have a variable APR that changes often, or you keep charging new purchases to the card, the payoff estimate can be off. In those cases, use the calculator as a directional guide and update it whenever your balance, APR, or payment behavior changes.