Credit card payoff calculator
Enter your balance, the card’s APR and your monthly payment to see when the card is paid off and how much interest it costs.
Assumes no new purchases and a fixed APR.
How it works
Each month the balance grows by APR ÷ 12 and your payment is taken off, until it reaches zero. For a target date the payment is the annuity formula:
payment = B × r ÷ (1 − (1 + r)^−n)Worked example
- 5,000 at 22% APR, 200 a month
- first month: 91.67 interest, 108.33 off the balance
- paid off in 34 months, about 1,750 interest
Frequently asked questions
Why does paying only the minimum take so long?
Minimum payments are mostly interest at first. At 22% APR, interest on a 5,000 balance is about 90 a month, so a 100 payment reduces the debt by only about 10.
What is the fastest way to pay off several cards?
Put every spare amount on the card with the highest APR while paying the minimum on the others (the avalanche method). Paying the smallest balance first (snowball) costs a bit more but some people find it easier to keep going.
How is card interest calculated?
Cards charge the APR divided by 12 on the balance each month (in practice daily, which is very close). This calculator uses monthly compounding and assumes no new purchases.