Calculator
Credit Card Payoff Calculator
Assumes a fixed APR and a fixed monthly payment on a single balance. New purchases, fees, penalty APRs, and promotional rates are not included. You can also estimate the payment needed for a payoff goal.
Card details
Optional. Leave blank if you only want the payoff time for your current payment.
Results
Months to payoff
2 years 10 months
Total interest
$1,748.69
Total amount paid
$6,748.69
Calculators and articles on this site are for education only. They are not financial, investment, tax, legal, or professional advice.
How this calculation works
Each month, interest is added using APR divided by 12, then your payment is applied. If the payment is less than or equal to that month’s interest, the balance will not fall and the calculator reports that payoff may not happen.
The optional payoff period estimates the fixed payment needed to reach $0 in that many months, using the same amortizing formula as an installment loan. Issuers may use daily rates and average daily balances, so statements can differ slightly.
n = ln(P / (P − B × r)) / ln(1 + r)
For a fixed payment P, balance B, and monthly rate r. If P is not greater than monthly interest, the balance does not decline. The on-page result uses a month-by-month simulation so the last payment can be smaller.
Example
A $5,000 balance at 21.99% APR with a $200 monthly payment and no new charges takes about 34 months in this model, with about $1,750 in interest. Raising the payment shortens both the timeline and the interest. A 12-month payoff goal requires a payment of about $468.
Frequently asked questions
Why does it say the balance may never clear?
If the monthly payment is less than or equal to the first month’s interest, the balance will not shrink. Raise the payment or lower the APR to make progress.
Does this include new purchases?
No. It assumes one starting balance, a fixed APR, and a fixed payment. New charges would push the payoff date later.
What is the desired payoff period?
If you enter a target number of months, the calculator estimates the monthly payment needed to reach $0 in that time under a fixed APR.
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