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Credit Card Payoff Calculator

Compare a fixed monthly payment with a payoff target. The estimate assumes a constant APR, monthly interest and no new charges.

Credit card payoff calculator

Time to pay off at your payment3 years 2 monthstotal interest $2,957.47, total paid $9,457.47
To finish in 12 months, pay
$617.76
Interest on that plan
$913.06
Approximate first-month interest
$135.36

The balance reaches zero in this monthly model. The final payment is adjusted to the remaining amount due.

How the payoff is calculated

each month:  interest  = balance × APR ÷ 12
             principal = payment − interest
             balance   = balance − principal          (repeat until balance = 0)
payment for a target:  balance × r ÷ (1 − (1 + r)^−months),  r = APR ÷ 12

The target payment is rounded upward to a cent so it is not below the formula amount. The final payment is adjusted to the remaining debt and interest. Interest retains precision until display. This is a monthly projection, not a reproduction of an issuer’s daily-balance calculation; differences are not limited to a few dollars.

Frequently asked questions

How does this estimate credit card interest?

The model applies APR divided by 12 to the balance each month, then subtracts a fixed payment. Many issuers instead calculate interest using daily balances. Billing-cycle length, payment dates, grace periods, different APR balance categories and new charges can change an actual statement.

How long will $6,500 take to pay off at $250 a month?

At a constant 24.99% APR, this monthly model projects 3 years 2 months, with $2,957.47 of interest and $9,457.47 paid in total. It assumes no new purchases, fees or changes in rate or payment.

What if my payment does not cover the interest?

The balance does not decline in this model if the payment is zero or no greater than monthly interest. The calculator reports no payoff for that payment instead of displaying a date or lifetime total. Your issuer’s required minimum payment is a separate rule.

What does “more than 50 years” mean?

The fixed-payment simulation stops after 600 months. If debt remains, the calculator reports that limit and the unpaid balance; it does not call the debt paid off. Lifetime interest and total paid are left unavailable. Try a different payment or the target-month comparison.

Does this model the minimum payment on my statement?

No. It holds the entered dollar payment constant. An issuer’s minimum can change as the balance falls and can include fees or other rules. Use your statement for the required minimum; do not substitute the interest-only estimate shown here.

Can I use this for a promotional 0% period?

Only as a constant-rate scenario. The calculator does not switch APR when a promotion ends and does not include a transfer fee unless it is already in the balance. Compare the offer’s actual dates, fees and later APR separately.

Sources and updates

Methods and figures reviewed on . Provider rates and terms can change; check the linked source and your own account terms.

This calculator gives estimates for information only and is not tax, legal or financial advice. Actual outcomes depend on the assumptions, timing, taxes, fees and terms that apply to you. See how we calculate.