Credit Card Payoff Calculator

Enter your balance, APR and what you'll pay each month. Each month interest is added (balance × APR ÷ 12) and your payment is taken off, until the balance reaches zero. The last payment only covers what's left.

Minimums are usually a small percentage of the balance plus interest, so they shrink as the balance falls and most of each payment goes on interest. Paying a fixed amount — even a little above the first minimum — clears the card far sooner.

If the payment doesn't cover the month's interest, the balance never falls, so there is no payoff date. The calculator tells you the interest you need to beat.

Most cards charge interest on the average daily balance, may have several rates (purchases, cash, balance transfers) and promotional periods, and add fees. This uses a simpler monthly calculation and assumes you don't make new purchases.

In your card agreement or on your statement. Common rules are 1% of the balance plus interest, or 2–3% of the balance, with a minimum such as $25.

Divide the balance over the months with interest included. $5,000 at 22.9% APR needs about $470.14 a month to be paid off in 12 months, $261.62 over 24 months or $193.29 over 36. The calculator shows the 12- and 24-month figures under your APR.

Often many years. With minimums of 1% of the balance plus interest (at least $25), $5,000 at 22.9% APR takes 19 years 4 months and $8,454 in interest. A fixed $200 a month clears it in 2 years 11 months with $1,860 of interest. Enter your card's rule to see your own comparison.

The APR is divided by 12 to get a monthly rate and applied to the balance. 22.9% ÷ 12 is about 1.91% a month, so a $5,000 balance adds about $95.42 of interest in the first month. Most issuers actually use a daily rate on your average daily balance, which gives a very similar figure.

If you have several cards, paying the minimum on all of them and putting every spare dollar on the highest APR (the avalanche method) costs the least interest. Paying the smallest balance first (the snowball method) can keep you motivated. This calculator handles one card at a time; the Debt Snowball & Avalanche Calculator compares both methods across all your debts.

Roughly. Add the transfer fee (often 3–5% of the amount) to the balance and enter 0% as the APR, then check the plan finishes before the promotional period ends. The calculator doesn't switch to the standard APR when the promotion expires, so any balance left after that will cost more than shown.

Yes. Under “Month by month”, choose your plan or the minimum-payment plan and use the CSV button to download each month's payment, interest, principal and remaining balance.

No. Everything is calculated in your browser and nothing is saved or uploaded.