Credit Card Payoff Calculator
Enter your balance, APR and monthly payment to see your payoff date, total interest and what an extra payment would save.
How the credit card payoff calculator works
Each month your card charges interest equal to your balance times the monthly rate, which is the APR divided by 12. Your payment first covers that interest and the rest reduces the balance. The calculator repeats this month by month until the balance reaches zero and adds up the interest.
If your payment is not larger than the monthly interest, the balance never goes down, so the calculator tells you the minimum needed. Paying even a small extra amount each month can cut the payoff time sharply. To learn how card rates are expressed, read our APR calculator guide.
The formulas
Example: A $5,000 balance at 22% APR with a $200 monthly payment takes 34 months and costs about $1,749.88 in interest. Adding $100 a month cuts it to 21 months and saves about $728.28.
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Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR and payment. Enter the three numbers above to see the exact months.
How is credit card interest calculated?
The card issuer multiplies your balance by the APR divided by 12 each month, so interest is charged on whatever you still owe.
Does paying extra really help?
Yes. Extra money goes straight to principal, which lowers the interest charged in every later month.
Why does my balance not go down?
If your payment is close to the monthly interest, almost none of it reduces principal. Raise your payment above the interest amount.
Should I pay the minimum payment?
Minimum payments keep you in debt much longer and cost far more in interest. Pay as much as you can afford.
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