Credit Card Payoff Calculator
Enter your credit card balance, APR, and monthly payment to see when you'll be free of this card, how much total interest you'll pay, and a full amortisation schedule.
Card Details
What if You Paid More Each Month?
| Monthly Payment | Months to Pay Off | Payoff Date | Total Interest | Interest Saved vs. Current |
|---|
Amortisation Schedule
Remaining balance, interest charged, and principal paid each month.
| Month | Payment | Interest | Principal | Remaining Balance |
|---|
Formula Used
monthly_rate = APR / 12 / 100 interest = balance x monthly_rate principal = payment - interest new_balance = balance - principal
Uses simple monthly compounding (APR / 12). Most credit cards use daily compounding (APR / 365), which produces slightly different results. Check your card agreement for the exact method.
Multiple Credit Cards?
Use one of these tools to handle all your cards at once and find the optimal payoff order:
- Debt Snowball Calculator — smallest balance first
- Debt Avalanche Calculator — highest APR first (minimises interest)
- Snowball vs. Avalanche Comparison — run both side-by-side
Frequently Asked Questions
Credit card interest is typically charged as a daily periodic rate (APR / 365). For simplicity, this calculator uses a monthly rate (APR / 12) applied to the balance at the start of each billing cycle, which closely approximates the true cost for planning purposes. Always check your card agreement for the exact method used by your issuer.
Credit card issuers typically set minimum payments at about 1–3% of the balance or $25, whichever is higher. If you only pay the minimum each month, a large portion of your payment covers interest, leaving little to reduce principal. This extends repayment dramatically and increases total interest paid.
As much above the minimum as you can afford. Even $50 extra per month on a $5,000 balance at 20% APR can save hundreds in interest and years of repayment. Use this calculator to test different payment amounts and see the impact.
For multiple cards, use the Debt Snowball Calculator or Debt Avalanche Calculator — they handle unlimited debts simultaneously and show optimal payoff order. This page focuses on a single card for simplicity.
They are close estimates. Actual credit card billing uses daily compounding, promotional rates, late fees, and balance transfer rules that vary by card. Treat these results as planning estimates and verify with your card issuer for exact figures.