Finance
Credit Card Payoff Calculator
Enter one card balance, APR and your payment assumptions to estimate payoff time and interest. Compare a fixed monthly repayment with your own minimum-payment rules, including any new monthly spending.
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Your result
Based on the values you enter
Useful next checks
- Compare a few scenarios before making a decision.
- Check rates, fees, tax, and timing outside the estimate.
- Use the explanation below to understand the formula.
Intro
Use this credit card payoff calculator to estimate how long it could take to clear one card balance and how much interest you could pay. Compare a fixed monthly repayment with minimum-payment assumptions you enter, including any new monthly spending. This is also called a credit card repayment calculator.
What this credit card payoff calculator does
The calculator answers questions such as:
- How long will my card take to clear with a fixed monthly payment?
- How much interest might I pay?
- How does a fixed payment compare with the minimum payment?
- What happens if I keep spending on the card?
How it works
The model divides the entered APR by 12 to estimate a monthly percentage. Each month it charges interest on the opening balance, adds new monthly spending, and then applies the repayment.
Monthly interest = opening balance × APR / 100 / 12
For the minimum-payment comparison, the payment is the larger of the cash minimum and the selected percentage of the balance after interest and new spending have been added. It is capped at the amount owed. The fixed-payment comparison uses the same payment each month, with a smaller final payment when needed.
This is a simplified comparison rule, not a reproduction of every card agreement. UK MoneyHelper’s credit card guide explains why paying only the minimum can leave a balance outstanding for years; the minimum shown on your statement remains the amount your provider requires.
Example calculation
The worked examples on this page use US dollars (USD). Choosing UK - GBP changes the calculator's currency labels; it does not convert your entries or these examples.
Enter a $3,000 balance, 24.9% APR, $0 new monthly spending, a 2.5% minimum payment, a $25 cash minimum, and a $150 fixed monthly payment. Keep the rate and payment rules unchanged throughout.
The monthly rate is 0.249 / 12 = 0.02075. First-month interest is $3,000 × 0.02075 = $62.25, making the balance $3,062.25 before repayment. The model’s minimum is max($25, 2.5% × $3,062.25), or $76.56 after display rounding. Paying $150 instead leaves $2,912.25 after the first month.
| Result | Fixed $150 payment | Minimum-payment rule |
|---|---|---|
| Time to clear | 27 months: 2 years, 3 months | 316 months: 26 years, 4 months |
| Total interest | $915.95 | $9,853.06 |
| Total paid, with no new spending | $3,915.95 | $12,853.06 |
| Final payment | $15.95 | $19.88 |
The fixed scenario has 26 full $150 payments and a smaller final payment. The minimum scenario is much slower because its percentage payment falls with the balance until the $25 floor takes over.
The result reports $8,937.10 interest saved, calculated from the unrounded interest totals. Subtracting the two rounded totals in the table differs by one cent. These are hypothetical model outcomes, not predictions of a provider’s actual statement schedule.
How to use the result
Use the result to set a realistic fixed monthly payment. If the calculator warns that the card will not clear, reduce new spending or increase the payment.
If you have several debts, use the Debt Payoff Calculator to compare which balance to target first.
Assumptions and limitations
- APR / 12 is an approximate monthly rate. Daily interest, statement dates, interest-free periods and different transaction rates are not modeled.
- APR, monthly spending and repayment settings stay constant. Promotional periods, balance transfer fees, cash advance fees, late fees and changing APRs are excluded.
- The percentage minimum applies to the post-interest, post-spending balance in this model. A provider may use a different rule, including separate interest or fee components.
- New spending is added after that month’s interest calculation. The model therefore does not charge interest on that new spending until a later month.
- Payments are capped at the outstanding balance. Calculations keep full precision; the displayed amounts are rounded to cents.
- The model stops after 600 months. A fixed payment that cannot reduce the balance or clear it within that horizon returns an error; a minimum-payment comparison that does not clear is labeled accordingly.
- The result is an educational estimate, not a card statement or personal debt advice. Check the actual agreement and minimum due before using a repayment plan.
Frequently asked questions
Why is the minimum-payment result so slow?
Percentage minimums fall as the balance falls, so the monthly payment can get smaller over time.
Should I stop spending on the card?
If possible, yes. New spending can cancel out part of the repayment.
Can I use this for store cards?
Yes, if you know the balance, APR, and repayment rule.
How is monthly interest estimated?
The APR is converted to an approximate monthly rate and applied to the balance each month.
Why compare fixed payments with minimum payments?
Minimum payments often shrink as the balance falls, which can make repayment much slower and more expensive.
What if I keep spending on the card?
Add expected new monthly spending. The calculator warns if the repayment pattern does not clear the card within the projection limit.