Worked example
An outstanding $4,500 at 22% APR with $200 monthly payments takes years and adds interest.
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Loans & savings
Credit Card Payoff Calculator
Find the approximate payoff time and interest on a card balance.
Enter your numbers
Adjust the example to calculate using your own figures. Results update instantly.
Your results
Calculated locally- Months to pay off
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- Total interest
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- Total payments
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Important assumptions
Daily interest, new charges, fees and changing minimum payment schedules may change actual results.
How to use your results
A payment must be large enough to cover the month's interest and reduce the principal. The final payment is limited to the remaining balance.
Start with the example values, then replace them with amounts for the same transaction or time period. Double-check rates and units. The results are estimates intended to help you explore possible outcomes, not financial or tax advice.
Why minimum payments can be expensive
When your payment only slightly exceeds monthly interest, most money goes toward interest rather than reducing the debt. That is why payoff time can be surprisingly long. Try a higher fixed payment to see the effect on the total interest.
Avoid adding new charges to a payoff plan
This model assumes no new purchases and a constant APR. Card balances may accrue interest daily, promotional rates can expire and issuers can charge fees, so the statement schedule may differ.
Can my monthly payment be smaller than interest?
A payment that does not cover the estimated first month of interest cannot reduce the principal under this simplified fixed-payment model, so the tool flags it.
How to calculate credit card payoff
After each month: balance = balance × (1 + APR ÷ 12) − payment
A payment must be large enough to cover the month's interest and reduce the principal. The final payment is limited to the remaining balance.