Finance
Credit Card Payoff Calculator
Estimate payoff time and interest. Change the inputs below and the estimate updates immediately.
Input
Your numbers
Calculated result
Estimated payoff time
37 months
Total paid
$11,083.27
Estimated interest
$3,083.27
Estimate only. Verify important decisions with an appropriate professional or official source.
How to use it
A quick estimate, without the spreadsheet.
Inputs and units
Enter one balance, annual percentage rate and a fixed monthly payment.
Formula
Each month adds balance × APR / 1,200 in interest, then subtracts the payment. The final payment is reduced to the amount owed.
Worked example
$1,000 at 0% with $250 monthly payments takes four months and incurs no interest.
Assumptions and limitations
Uses monthly rather than daily interest. Assumes no new charges, fees or changing rates. Plans beyond 1,200 months are flagged as outside the supported horizon.
Understanding your result
The payoff time assumes you stop making new purchases and pay the same amount every month. If the payment does not exceed the first month’s interest, the balance cannot decline under these assumptions. The final payment may be smaller than the regular payment.
A practical comparison
A $1,000 balance at 24% APR accrues $20 in first-month interest in this model. Paying $100 reduces it to $920 after that month. Paying only $20 leaves it unchanged. Try increasing the payment and compare both the payoff time and total interest.
Common mistakes
- Enter a fixed amount you expect to keep paying; a card’s minimum payment can change as the balance falls.
- Include only one balance at one APR. Purchases and cash advances may have different rates.
- Promotional expiry dates, late fees and daily interest can make a statement differ from this monthly model.
Frequently asked questions
Does this include new purchases?
No. New charges increase the balance and can delay repayment. Recalculate with an updated balance if your circumstances change.
Why is my statement interest different?
Issuers may use daily balances, different cycle lengths and separate rate categories. This calculator applies APR divided by twelve once each month.