Credit card payoff calculator
Estimate your payoff timeline and interest with a fixed monthly payment.
Your numbers
Rates shown are editable examples, not current offers.
Estimated time to debt-free
31 monthsAssuming no new charges, fees, or rate changes.
- Monthly payment
- $350
- Starting monthly interest
- $160
- Total estimated interest
- $2,798
- Total repaid
- $10,798
Understand this estimate
Uses an approximate monthly interest charge of APR divided by 12 and a fixed payment. Actual card interest is often calculated daily, so statement results will differ. Assumes no new purchases, fees, or rate changes. The final payment is reduced to the amount owed. Estimates are limited to 100 years; a payment that does not cover monthly interest will not repay the balance.
How the calculation works
Each month, the calculator adds interest equal to the balance times the APR divided by 12, then subtracts your fixed payment. It repeats until the balance reaches zero, reducing the final payment to the amount still owed, and counts the months and the total interest.
Card issuers often calculate interest daily, so a statement will differ somewhat from this estimate. The calculator also assumes no new purchases, fees, or rate changes while you pay the balance down.
Worked example: $8,000 at 24% APR
An $8,000 balance at 24% APR starts with about $160.00 of interest a month. Paying a fixed $350 a month clears it in 31 months, with about $2,798 in interest and $10,798 repaid in total. Raising the payment to $450 shortens payoff to 23 months and cuts interest to about $1,985.
Common questions
What happens if my payment does not cover the interest?
The balance does not go down, so it is never repaid. The calculator flags any payment that does not cover the first month’s interest or would take more than 100 years.
Why is my statement different from this estimate?
Most cards calculate interest on a daily balance, and new purchases, fees, promotional rates, or a rate change all affect the result. Use this as a planning estimate and your statement for exact figures.
How can I pay less interest?
Paying more each month shortens the payoff period and reduces interest, as the example shows. A balance transfer or consolidation loan can also help, but only if the fees and the payment plan leave you better off.
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