About the credit card payoff calculator
Credit card interest compounds on the unpaid balance, so the payment amount has a big effect on payoff time. Enter your balance, APR, and planned payment to see the number of months and total interest, assuming no new charges.
How to use this calculator
- Enter the current balance.
- Enter the card’s APR.
- Enter the fixed monthly payment you plan to make.
Worked examples
- First month’s interest ≈ $73.33
- About 25 months to pay off
- Total interest ≈ $970
Roughly two years and about $970 in interest.
Measurement guidance
Minimum payments
Minimum payments are often a small percentage of the balance, which can stretch payoff over many years. A fixed higher payment usually saves a lot of interest.
Frequently asked questions
Why does my statement differ?
Many issuers calculate interest daily on the average daily balance, so results can differ slightly.
Is this financial advice?
No. Check your card agreement for exact terms.