Credit Card Payoff Calculator
Months and interest to clear a balance at a fixed or minimum payment.
About this tool
Enter the balance and APR, then either a fixed monthly payment or the issuer's minimum rule (a percentage of the balance with a floor). The tool shows months to payoff, the date, total interest and total paid, an amortisation table, and how much faster an extra 50 a month gets you there.
The minimum-payment trap, in numbers
A minimum payment is designed to keep the account open, not to clear it: because it is a percentage of a shrinking balance, the payment shrinks too, and the schedule stretches for decades. A 5,000 balance at 24.9% paid at 2% (floor 25) takes well over twenty years and costs more in interest than the original debt; the same balance at a fixed 200 a month clears in about three years. That contrast is the whole argument for fixing the payment at whatever the minimum is today and never letting it fall. The model compounds monthly at APR/12, as most card statements effectively do; real accounts differ with daily accrual, fees, promotional rates and new spending, so treat the figures as close rather than exact. General information, not financial advice: a 0% balance-transfer card or a personal loan at a lower rate may beat both scenarios, and if the payment does not cover the interest, talk to a debt-advice charity or adviser. The loan calculator compares a consolidation loan, the budget planner finds the extra 50, and the compound interest calculator shows the same maths working for you.
Frequently asked questions
How is the interest calculated?
Monthly, at APR divided by 12, on the remaining balance; the payment is applied after interest. Most card statements are close to this.
What if my payment is less than the interest?
The balance never falls and the tool says so. Paying only the interest each month is renting the debt; raise the payment or move the balance to a cheaper rate.
Does paying more really save that much?
Yes โ extra payments go entirely to principal, so every extra unit avoids interest on itself for the rest of the schedule. The tool shows the exact saving for 50 more a month.
Is my balance information stored?
No. Everything is calculated in your browser and nothing is saved or sent.