Debt & Loans
Credit Card Payoff Calculator
Enter your balance, APR, and monthly payment. The calculator shows the payoff time, total interest, and what happens if you add $50 per month.
How the payoff time is calculated
Each month, interest is added to the remaining balance and your payment is subtracted. The calculator solves for the number of months needed to reach zero, assuming no new charges.
B is the balance, r is the monthly APR, andP is the monthly payment. If the payment is less than the monthly interest, the balance never goes down.
Frequently asked questions
Why does my payment barely reduce the balance?
Credit card interest is charged on the remaining balance every month. If your payment is close to the monthly interest, very little goes to principal. The calculator warns you when the payment does not cover the interest.
Does this assume I stop using the card?
Yes. The estimate assumes you make no new charges and pay the same amount every month. New charges will extend the payoff time.
What is the minimum payment trap?
Minimum payments are often set low enough that most of the payment goes to interest. Paying more than the minimum is the fastest way to reduce the total interest.
This calculator is for educational purposes only and does not constitute financial advice. Results are estimates and may not reflect your exact situation.