Credit Card Payoff Calculator
Estimate how long it may take to pay off your credit card balance.
What Is a Credit Card Payoff Calculator?
A Credit Card Payoff Calculator estimates how long it may take to pay off a credit card balance when you make the same monthly payment and interest is charged at the specified APR.
How the Calculator Works
The calculator uses your current balance, annual percentage rate, and planned monthly payment. It applies monthly interest to the remaining balance and estimates the number of monthly payments required to reach a zero balance.
Credit Card Payoff Formula
When the APR is 0%, the payoff time is calculated simply by dividing the balance by the monthly payment.
Example
Suppose you have a $5,000 balance, a 24% APR, and make a $200 monthly payment. The calculator estimates the number of months required to pay the balance and the approximate interest paid over that period.
Important Note
This calculator provides an estimate. Actual credit card interest can vary because card issuers may calculate interest using different methods, daily balances, fees, new purchases, and other account-specific terms.
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Frequently Asked Questions
What information do I need?
You need your current credit card balance, APR, and planned monthly payment.
Does a higher monthly payment reduce interest?
Generally, paying more each month reduces the time the balance remains outstanding and can reduce the total interest paid.
What happens if my payment is too low?
If the monthly payment does not cover the interest being charged, the balance may not decrease. The calculator will show an error when the payment is insufficient to pay down the balance under the entered assumptions.