Credit Card Payoff Calculator

Enter your balance, APR, and payment to see roughly how long payoff will take, how much interest you'll pay, and how much an extra payment each month could save you. Every figure below is an estimate — see how the math works and why real statements differ further down the page.

The calculator turns your APR into a monthly rate, then works through your balance one month at a time: it adds a month's interest, applies your payment, and carries the remainder into the next month. It repeats this until the modeled balance reaches zero, then totals up the months, the interest, and the amount paid.

In plain terms, each month follows the same three-step pattern:

• Monthly rate = APR ÷ 12

• Interest for the month = remaining balance × monthly rate

• Principal reduction = payment − interest, and the new balance = previous balance − principal reduction

This is a simplified fixed-payment model, not a reproduction of any specific issuer's statement math. Real credit card issuers typically calculate interest using a daily periodic rate applied to your average daily balance, which shifts the numbers slightly from a single monthly calculation — see how credit card interest actually works for the full mechanics. Every number this tool produces is labeled an estimate for that reason.

The calculator only asks for what actually changes the outcome:

• Current balance — the amount you currently owe on the card, from your most recent statement.

• APR — your card's purchase annual percentage rate. See the section below on what APR to enter.

• Monthly payment — what you plan to pay each month (Mode 1), or the payoff period you're aiming for (Mode 2).

• Extra payment — an optional additional amount to see how it changes your timeline (Mode 3).

Every input is used directly in the calculation above — there's nothing decorative here. If a number is wrong, the estimate will be wrong in the same direction, so it's worth double-checking your balance and APR against your latest statement before relying on the result.

The answer depends entirely on your balance, APR, and payment. The table below shows illustrative payoff timelines calculated with the same method the calculator above uses — these are examples, not a prediction for your own balance.

Total interest is driven by three things pulling against each other: a higher balance or APR increases the interest you'll pay, while a higher payment reduces it by shortening the time interest has to accumulate. The table below isolates each input to show its direction of effect, using a fixed $5,000 balance as a baseline.

Because interest is charged on whatever balance remains, an extra payment does double duty — it reduces the balance faster and shrinks every future month's interest charge along with it. The scenarios below use the same extra-payment comparison built into Mode 3 of the calculator above.

Minimum payments are usually set by your issuer as a small percentage of your balance plus that month's interest, which is why they barely move the needle on your balance — for the full mechanics of how minimum payments are calculated, see how credit card minimum payments work.

What the calculator above adds to that picture is the specific trade-off for your numbers: run Mode 1 with a payment close to your minimum, then rerun it with a fixed higher payment, and compare the months and total interest side by side. The gap between those two runs is usually far larger than it looks on a monthly statement, because a minimum payment recalculates (and often shrinks) every month as your balance falls, while a fixed payment keeps attacking the balance at the same rate throughout.

Use your card's standard purchase APR, which appears on your monthly statement (usually in an "Interest Charge Calculation" box) and in your cardholder agreement. If your APR is variable, it's tied to the Prime Rate and can change — use the current rate shown on your latest statement rather than a rate you remember from account opening.

Be aware that most cards carry more than one APR:

• Promotional or introductory APR — often 0% for a limited time, then reverts to the standard rate.

• Balance-transfer APR — may differ from your purchase APR and often carries its own promotional window.

• Cash advance APR — typically higher than the purchase APR and usually starts accruing interest immediately, with no grace period.

• Penalty APR — can apply after a late payment, sometimes for an extended period.

If you're on a promotional rate, run the calculator with that rate for the months it applies, then rerun it with your standard APR to see the payoff picture after the promotion ends. For the broader explanation of how APR translates into actual charges, see how credit card interest works.

This calculator uses a simplified monthly model so the math stays transparent and easy to follow. Real issuers use more moving parts. The table below lines up the calculator's assumptions against what typically happens on an actual account.

Not directly in this version — the calculator above models one balance, one APR, and one payment at a time. For multiple cards, the most reliable approach is to run each card separately through Mode 1, then add up the results, since each card's balance and APR affect its own interest independently.

If you'd rather estimate a rough combined number, you can total your balances and use a weighted-average APR, but that shortcut loses accuracy the more your cards' rates differ from each other. A dedicated multi-card payoff tool isn't part of this page yet; if that's the calculator you're looking for, check back as the site's tool lineup grows.

Outside of what the calculator can model directly, a few general patterns consistently shorten a payoff timeline. None of this is personalized financial advice — it's the same math the calculator runs, described in plain terms:

• Increase your fixed payment even by a modest amount, and rerun Mode 1 to see the new timeline — see the extra-payment examples above for how this compounds.

• Avoid adding new charges to the balance you're paying down, since new spending resets the math the calculator assumes stays fixed.

• Check whether a lower ongoing APR is realistic for your situation — a card with different terms changes the monthly rate in the calculator's formula directly, which is why APR has such a large effect on total interest.

• Watch your utilization while you pay down debt, since it factors into your credit score independently of your payoff progress — see how credit utilization ratio works for that relationship.

If you're also weighing whether a different card fits your situation better while you pay down debt, the site's guide to cards offering pre-approval covers how to check your odds without a hard inquiry.

This calculator is an educational estimation tool, not financial advice, and not a substitute for your card issuer's statement. It doesn't account for new purchases, variable-rate changes, promotional APR expirations, annual or late fees, cash advances, or balance-transfer fees. It cannot guarantee a payoff date, guarantee savings, or predict your exact future interest charges. For authoritative background on credit card terms and consumer protections, see the Consumer Financial Protection Bureau's credit card resources.