Credit Card Payoff Calculator
See how long a credit card balance takes to pay off at a fixed monthly payment, and how much interest that costs. Change the payment to see how much a bigger payment saves.
- Free
- Works offline after your first visit
- Saves on this device
- No sign-up
- Updated
How it works
Each month, interest is charged at the APR divided by twelve, on the balance still owed. Your payment then comes off the balance. The months and the total come from the standard loan formula, using that monthly rate.
If the payment is no more than the monthly interest, the balance never falls and the page gives no answer. Card terms can change the rate and add fees, so treat this as an estimate.
Worked example
A balance of $4,000.00 at 22% APR, paid at $200.00 a month, takes 26 months to clear. The interest comes to $1,028.36.
Questions
Does this count new purchases?
No. It assumes no new charges, so it shows the payoff of the balance you enter.
Why does a small payment take so long?
Much of a small payment goes to interest first. A bigger payment cuts both the time and the interest.
Does the rate stay the same?
Often it does not. Many cards change the rate, so the real time can differ from this estimate.
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