Credit Card Payoff Calculator
Pick a fixed monthly payment and see exactly when your card balance hits zero.
How to use
- Enter your current card balance.
- Enter the APR shown on your statement.
- Enter the fixed amount you plan to pay every month.
- Press Calculate to see the months to payoff and the total interest.
The payment must exceed the monthly interest charge, or the balance will never fall. If the calculator says the payment is too low, raise the payment until the timeline appears. Every extra dollar above the interest goes straight to the balance, so even a modest increase can cut months off the payoff date.
Minimum-only warning: paying only the minimum stretches the timeline dramatically. Minimum payments usually shrink as the balance falls, so most of each payment goes to interest and the balance falls very slowly. A fixed payment that stays the same each month clears the debt far faster and costs far less interest.
Worked example
Balance: $5,000. APR: 19.99%. Fixed monthly payment: $200.
Result: 33 months to payoff, total interest $1,521.02, total paid $6,521.02. By comparison, a minimum payment set at 2% of the balance (with a $25 floor) on the same balance would take about 485 months and cost about $18,451 in interest — which shows why a fixed payment beats minimum-only payments.
Frequently Asked Questions
Why do minimum-only payments take so long?
Because the minimum usually falls as the balance falls, so the payment barely covers interest. The balance shrinks slowly, and interest keeps accruing for years. A fixed payment keeps chipping away at the principal every month.
What if my monthly payment does not cover the interest?
Then the balance grows instead of shrinking, even while you pay. You need a payment larger than one month of interest — for a $5,000 balance at 19.99% APR, that is about $83 per month — before any progress is possible.
Should I pay the highest-APR card first?
In general, yes: clearing the highest-rate debt first minimizes total interest. Some people prefer paying the smallest balance first for motivation. Either plan works if you stick to fixed payments and stop adding new charges.
Does this calculator include new purchases or fees?
No. It assumes no new charges, no annual fees, and no penalty rates. New spending during payoff will extend the timeline, so the fastest path is to pause new charges on the card being paid off.
Can I trust the month count exactly?
It is an estimate. Issuers differ in how they compute interest, round, and set minimums, and your APR can change. Use the result to compare payment plans, not as a guaranteed payoff date.
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