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Credit card payoff calculator

How long a card takes to pay off, or the payment for a target date.

Reviewed by Victor Yuki Matusita on . First published .

Your numbers stay on your device
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Time to pay it off

3years1month

Paying $250.00 a month clears $6,500 in 37 payments, with $2,582 of interest.

  • Balance $6,500 · 72%
  • Interest $2,582 · 28%

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Payoff schedule

How to use the credit card payoff calculator

  1. Enter the balance and the purchase APR from your statement.
  2. Choose whether you want the time with a payment you pick, or the payment for a number of months.
  3. Type the payment or the months, and read how long it takes or how much to pay.
  4. Open the schedule to see each month, or save it as a PDF or a CSV.

How the payoff is worked out

The formula

Each month, interest = balance × APR ÷ 12, rounded to the cent; the payment covers that interest and the rest lowers the balance, until a last payment closes it.

For a target date, the payment is M = B × r × (1 + r)^n ÷ ((1 + r)^n − 1), with B the balance, r the APR divided by 12 and n the months.

Assumptions

  • The interest of each month is the APR divided by 12, times the balance, rounded to the cent. Many card issuers charge daily on the average daily balance instead, so your statement can differ by a little.
  • No new purchases, fees or rate changes while you pay it off.
  • The payment stays the same every month; the last one closes the balance.
  • A payment that does not cover the first month of interest never pays the card off.

Worked example

This is the example the calculator opens with, worked out by the same engine you use above.

You enter
Card balance$6,500.00
APR22.99%
I want to knowThe time
Payment per month$250.00
You get
Monthly payment$250.00
Time to pay it off3 years 1 month
Interest$2,582.38
Total paid$9,082.38
Last payment$82.38

Paying $250.00 a month clears $6,500 in 37 payments, with $2,582 of interest.

Sources

Educational tool

This calculator is an educational tool, not financial advice. Your card agreement and statement set the interest you are charged.

Questions about paying off a credit card

Why does the minimum payment take so long?

Much of a small payment goes to interest, so the balance falls slowly. Try your minimum, then a little more, and compare the months and the interest.

What if my payment doesn't cover the interest?

Then the balance never goes down. The calculator says so and tells you the smallest monthly payment that starts to lower it.

Why can my statement show slightly different interest?

Many issuers work out interest daily on the average daily balance. The calculator uses the APR divided by 12 each month, a simpler rule that lands close but not to the cent.

Does it work with several cards?

It works with one balance. For several cards at once, the debt payoff calculator compares paying the smallest balance first with paying the highest rate first.

Privacy

Your numbers stay on your device. The calculator runs in your browser, so nothing you type is sent anywhere, and the link you copy keeps the numbers after the #, a part of the address your browser never sends.