Credit Card Payoff Calculator

What this tool does

Estimate the payoff time and interest for one credit card. You set the APR, a minimum-payment percentage, a floor, a fixed payment, and an optional extra amount.

How to use

1. Enter the current balance and the APR.
2. Enter the minimum percentage and the floor you want this estimate to use. Issuers do not all use the same rule.
3. Enter a fixed monthly payment if you want the main result to use that amount. Leave it blank to follow the minimum formula.
4. Add an extra amount if you want it included with the fixed payment.

Examples

• 1,000 at 0% with a 100 payment

  The balance falls by 100 each month and reaches zero in 10 months. Interest is 0.

• A payment that does not cover interest

  If the chosen payment is less than or equal to the interest, the page says the balance would not fall instead of showing a payoff.

Main features

• A minimum formula you can see: percent of the starting balance, or the floor, whichever is larger.
• A fixed payment and a fixed payment plus extra, shown beside the minimum plan.
• An optional month-by-month schedule.

How it works

Interest in this estimate is the balance at the start of the month times the APR divided by 12. The minimum is the larger of the percentage and the floor, unless the balance is smaller. A fixed payment stays the same each month until the last payment clears the rest. This is not the average-daily-balance method every issuer uses.

Tips

• Leave the fixed payment blank when you want the main result to follow the percentage and floor.
• Use 0% APR when you want to see principal only.

Limitations

Results are estimates based on the APR and payment assumptions you enter. A card issuer may use a statement cycle, an average daily balance, or a different minimum. This page does not reproduce every issuer’s statement.

See the disclaimer for what these tools do not cover.

FAQ

How long will it take to pay off my credit card?

The page counts months until the balance reaches zero under the payment rule you selected. The count starts from the month you begin.

How much should I pay each month?

You choose the assumption. The minimum row uses your percentage and floor. The fixed row uses the monthly amount you type.

How does credit card APR affect payoff?

A higher APR adds more interest each month, so the same payment takes longer and costs more interest.

Does paying extra reduce interest?

An additional amount, or a higher fixed payment, usually shortens the timeline and lowers total interest. The comparison shows the numbers without calling one row better.

How is credit card payoff estimated?

The balance grows by one month of interest, then the payment is subtracted. The last payment is only what is left. It is not a copy of a specific issuer’s bill.

Are these numbers sent to a server?

No. The card balance, APR, and payment are estimated in this tab. They are not posted to a server.

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