How to use the Credit Card Payoff Calculator tool
3 simple steps · under a minute
-
Enter your balance and APR
Find both on your latest credit card statement.
-
Choose a payment or a goal
Enter what you can pay each month, or how many months you want to be debt-free in.
-
See your payoff plan
Read the payoff time, total interest and a year-by-year schedule.
About Credit card payoff calculator
Credit cards charge some of the highest interest rates of any debt, so paying only the minimum can keep you in debt for many years. This credit card payoff calculator shows how long it will take to clear your balance and how much interest you will pay along the way.
Switch to “Be debt-free by” to find the monthly payment needed to pay off the card in, say, 12 or 24 months. Paying even a little more than the minimum each month can cut years and thousands of dollars of interest from your payoff.
Two ways to plan
Find the payoff date for a fixed payment, or the payment you need for a target date.
Interest you will pay
See exactly how much the APR costs you over the life of the balance.
Warns about minimum payments
Tells you when a payment never covers the interest, so the balance would never shrink.
Frequently asked questions
How is credit card interest calculated?
Card issuers divide your APR by 12 (or 365 for a daily rate) and charge that on the balance you carry. This calculator uses the monthly rate, which gives a close estimate.
Why does paying the minimum take so long?
Minimum payments are set low — often 1–3% of the balance plus interest — so most of each payment goes to interest and the balance falls very slowly.
Should I pay off the highest APR card first?
Paying the highest-rate card first (the avalanche method) saves the most interest. Use our Debt Payoff Calculator to compare it with the snowball method.
Does a balance transfer help?
A 0% balance transfer can save a lot of interest if you pay the balance off before the promotional period ends. Remember to include the transfer fee.
Is this financial advice?
No. Results are estimates that assume a fixed APR and no new purchases.