Credit Card Payoff Calculator

How this calculator works

The calculator runs entirely in your browser using the numbers you type. Nothing is saved or sent to us. Here is the exact math it uses, so you can check the results yourself.

1. You enter your current balance, your card's APR, and your monthly payment. When you type a balance, the payment field is pre-filled with 3% of that balance, rounded to the nearest dollar. You can change it to any amount.
2. The APR is converted to a monthly rate: APR divided by 100, then divided by 12. For example, 24% APR becomes 0.02 (2%) per month.
3. If your monthly payment is not larger than the first month's interest (balance multiplied by the monthly rate), the calculator stops and shows a "payment too low" message, because the balance would never go down.
4. The number of monthly payments is calculated with the standard fixed-payment amortization formula: months = -ln(1 - balance × rate / payment) / ln(1 + rate), rounded up to a whole month. If APR is 0, months = balance divided by payment, rounded up.
5. Total paid = number of months × monthly payment. Total interest = total paid minus the starting balance (never below zero). The final payment is counted as a full payment, so the total may be slightly higher than what you would actually pay in the last month.
6. Extra payments are converted to a monthly equivalent and added to your monthly payment: weekly × 52 ÷ 12, twice a month × 2, monthly as entered. The payoff is then recalculated with the higher payment. A one-time extra payment is subtracted from the starting balance instead, and the payoff is recalculated from there.
7. Months saved and interest saved are the difference between the two scenarios (with and without the extra payment). The payoff date is today plus the number of months. Dollar amounts are displayed rounded to whole U.S. dollars.
8. In "What payment do I need?" mode the same formula is solved for the payment instead of the time: payment = balance × rate ÷ (1 − (1 + rate)^−months), rounded up to the whole dollar so the balance really does clear within the months you asked for.
9. In "What is my minimum?" mode the calculator models the most common issuer formula: 1% of the current balance plus that month's interest, never below $25 and never above the balance owed. Because the minimum is a percentage of a falling balance, it is recalculated every month instead of being held fixed.
10. The payment schedule table walks the balance down one month at a time, splitting each payment into interest (balance × monthly rate) and principal (payment minus interest). Its final payment is the true remainder, so it is smaller than the headline total, which counts the last month as a full payment.

Assumptions

• Your APR stays fixed for the whole payoff period. Promotional rates, rate increases, and penalty APRs are not modeled.
• You make no new purchases and are charged no fees while paying down the balance.
• In the first two modes your payment stays the same dollar amount every month. Real card minimums are a percentage of the current balance, so they shrink as you pay; the minimum-payment mode models that decline, and the gap between the two is why minimum-only payoffs take so much longer.
• Interest is compounded monthly at APR ÷ 12. Most issuers actually apply a daily periodic rate (APR ÷ 365) to your average daily balance, so real interest can differ slightly from this estimate.
• The payoff bar chart tracks the remaining balance month by month for up to 720 months (60 years) and is shortened for display beyond 200 months.

This is an educational estimate, not a quote from your card issuer. Check your statement or ask your issuer for the exact interest, minimum-payment formula, and payoff figures for your account.