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Credit Card Payoff Calculator

Enter what you owe, your card's APR and either a monthly payment or the date you want to be done. You'll see when the balance hits zero, how much interest you pay, and what a little extra each month would change.

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Used for the comparison below.

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Month-by-month schedule

How it works

Each month the calculator charges interest on the balance, then applies your payment:

interest = balance × (APR ÷ 100 ÷ 12), rounded to the cent.
new balance = balance + interest − payment.
The last payment is only whatever is left. The first payment is one month from today.

In "debt-free by a date" mode the payment comes from the standard loan formula, payment = balance × r ÷ (1 − (1 + r)−n) , where r is the monthly rate (APR ÷ 12) and n the number of months, rounded up to the next cent. The schedule is then simulated month by month to confirm it clears in time.

Worked example

You owe $5,000 at 20% APR and pay $200 a month. Month one's interest is $5,000 × 0.20 ÷ 12 = $83.33, so only $116.67 of your payment reduces the balance, leaving $4,883.33. Run all the way down, you finish in 33 months and pay $1,522.13 in interest, $6,522.13 in total.

Add $50 a month ($250 total) and you finish in 25 months with $1,133.05 interest. That is 8 months sooner and $389.08 less interest.

Limits of this calculator

It assumes a constant APR, no new purchases, no fees, and monthly interest at APR ÷ 12. Issuers often compound daily, so treat the output as an estimate. If you are struggling to make payments, the CFPB suggests contacting your card issuer early and, if you need more help, considering a nonprofit credit counselor and asking about fees first.

Frequently asked questions

How is credit card interest calculated here?

Each month we charge your balance × APR ÷ 12, round to the cent, add it to the balance, then subtract your payment. Real issuers usually compute interest daily from a daily periodic rate, so your statement can differ by a few dollars. See your card agreement for the exact method.

Why does it say my payment is too low?

If your payment is no larger than one month of interest, the balance never goes down. Raise the payment above the interest charge shown, or call your issuer to ask about options.

Does this include new purchases or fees?

No. It assumes you stop adding to the card and that your APR stays the same. New charges, late fees, or a rate change will move your payoff date.

What is the difference between paying a fixed amount and a target date?

With a fixed payment, the calculator tells you when you will be done. With a target date, it works backwards and tells you the smallest monthly payment that clears the balance by then.

Does an extra payment really save that much?

Every extra dollar goes straight to principal, so less balance is left to charge interest on next month. The comparison box shows the exact months and interest saved for the extra amount you enter.

Is my information saved anywhere?

No. The math runs in your browser. Your inputs are kept in your own browser storage only so they are there when you come back, and you can clear them by clearing site data. See the privacy policy.

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