Credit & Debt
Credit Card Payoff Calculator
Your numbers
Find it on your statement. Use the purchase APR if you have several.
I want to
Assumes no new charges on the card while you pay it down.
Debt-free in
2 years, 10 months
Around Sep 2029, paying $200.00 a month.
- Total interest
- $1,750
- Total you'll pay
- $6,750
Compared with paying only the minimum
Using a common formula (interest plus 1% of the balance, minimum $25), the first minimum would be about $141.67.
Your plan saves about $6,350 in interest.
Results are estimates for planning only and assume the numbers you enter stay the same. They are not an offer of credit or financial advice. Confirm actual terms with the lender, bank or provider.
How it works
Behind the numbers
Each month, interest is added at your APR divided by 12, then your payment is subtracted. The calculator repeats this until the balance reaches zero. If your payment doesn't cover the monthly interest, the balance never goes down, and we'll tell you.
For the comparison, we use a common minimum-payment formula: the month's interest plus 1% of the balance, with a $25 floor. Your issuer's formula may differ, but your statement's minimum payment warning shows its own payoff estimate.
Tips
- Pick a fixed payment and keep it, even when your required minimum falls.
- Stop adding new charges while you pay the balance down.
- A lower rate from a 0% balance transfer or a consolidation loan can shorten payoff a lot.
Quick answers
Common questions
Why does paying the minimum take so long?
The minimum is usually built from the month's interest plus a small slice of the balance, so most of an early payment goes to interest. And as the balance falls, the minimum falls too, which slows your progress.
Does this include new purchases?
No. It assumes you stop using the card while you pay it off. New charges add to the balance and stretch out the payoff.
Is interest charged daily or monthly?
Most cards calculate interest daily and add it monthly. This calculator uses a monthly approximation, which is close enough for planning. Your statement shows the exact interest charged.