Credit Card Payoff Calculator
Model one existing credit-card balance with a fixed payment or payoff deadline. Estimate payoff time, required payment, total interest, total amount paid, first and final payments, interest share, balance decline, an editable minimum-payment comparison, and a complete month-by-month schedule.
Card payoff plan
One balance, one APR, and no new charges
Use the APR that applies to this balance.
This estimate excludes new purchases, balance transfers, cash advances, fees, missed payments, promotional changes, and separate APR categories.
Estimated payoff time
$200.00 per modeled billing cycle.
- Total interest
- $1,421.50
- Total amount paid
- $6,421.50
- First interest charge
- $79.41
- Final payment
- $21.50
Total repayment composition
Original balance and modeled interest
Principal
$5,000.00
Interest
$1,421.50
Interest and minimum-payment assumptions
Actual issuers may use daily balances, actual cycle lengths, transaction dates, grace periods, and separate APR categories.
Periodic interest rate
Average modeled monthly cycle
First modeled interest
First modeled minimum
Payoff comparison, chart, and schedule
Selected plan versus modeled minimum
Greater of 25 or 2% of the balance after modeled interest
Selected plan
2 years 9 months
- First payment
- $200.00
- Total interest
- $1,421.50
- Total paid
- $6,421.50
Modeled minimum
34 years 4 months
- First payment
- $101.59
- Total interest
- $14,677.50
- Total paid
- $19,677.50
Estimated interest saved: $13,256.00
The selected plan also repays the balance approximately 31 years 7 months sooner.
Remaining balance
Sampled across the selected payoff plan
Month-by-month payoff schedule
Payment, interest, principal, and remaining balance
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $200.00 | $79.41 | $120.59 | $4,879.41 |
| 2 | $200.00 | $77.49 | $122.51 | $4,756.90 |
| 3 | $200.00 | $75.55 | $124.45 | $4,632.45 |
| 4 | $200.00 | $73.57 | $126.43 | $4,506.02 |
| 5 | $200.00 | $71.56 | $128.44 | $4,377.58 |
| 6 | $200.00 | $69.52 | $130.48 | $4,247.10 |
| 7 | $200.00 | $67.45 | $132.55 | $4,114.55 |
| 8 | $200.00 | $65.34 | $134.66 | $3,979.89 |
| 9 | $200.00 | $63.21 | $136.79 | $3,843.10 |
| 10 | $200.00 | $61.03 | $138.97 | $3,704.13 |
Showing months 1–10 of 33
This model assumes one balance and APR, no new transactions or fees, and one payment at the end of each modeled billing cycle.
How to Use the Credit Card Payoff Calculator
Enter the current balance and the purchase APR that applies to that balance.
Choose Monthly payment when you know the amount available each billing cycle. Choose Payoff timeline when you want the calculator to solve for a level payment.
Open the interest and minimum-payment section to choose an interest approximation and adjust the comparison rule.
Review payoff time, payment, total interest, total paid, repayment composition, minimum-payment comparison, chart, and month-by-month schedule.
Choose the correct payoff mode
Swipe horizontally to view the full table.
Fixed Payment Versus Target Payoff Timeline
Fixed-payment mode repeatedly applies modeled interest and then subtracts the entered payment until the balance reaches zero.
Target-timeline mode uses the level-payment formula, rounds the result upward to the nearest cent, and verifies it with the same schedule engine.
The final payment is commonly smaller because only the remaining balance and final interest need to be paid.
Why Paying More Usually Reduces Interest
Interest is calculated against the unpaid balance. A larger payment reduces principal sooner and leaves a smaller balance for later interest charges.
The benefit therefore compounds across later billing cycles rather than being limited to the extra principal paid in the current month.
The comparison section makes this visible by placing the selected plan beside a modeled minimum-payment rule.
How Credit Card APR Is Modeled
Credit-card interest rates are normally stated as an annual percentage rate.
The daily option divides APR by 365 and compounds it over an average month. The monthly option divides APR by 12.
Many issuers use daily periodic rates and average daily balances, but an exact statement calculation also depends on actual daily balances, payment dates, transactions, cycle length, grace-period treatment, and other account terms.
Minimum Payments Are Issuer-Specific
The percentage-of-balance model uses the greater of a flat amount or a percentage of the modeled balance after interest.
The interest-plus-percentage model uses the greater of a flat amount or modeled interest plus a percentage of beginning principal.
A real statement can include fees, past-due amounts, over-limit balances, promotions, and rounding rules. The comparison is educational rather than a reproduction of the issuer's formula.
What Happens When a Payment Barely Covers Interest
A fixed payment must exceed the first modeled interest charge because a smaller amount does not initially reduce principal.
A simplified minimum-payment rule can decline as the balance falls. This can stretch repayment over decades and substantially increase total interest.
When the modeled rule does not eliminate the balance within 100 years, the calculator reports that result rather than silently increasing the payment.
Understanding the Results
Payoff time counts modeled billing cycles. Total interest adds every interest charge, and total amount paid combines the original balance with interest.
The repayment-composition bar shows the share of total payments attributable to principal and interest.
The chart shows the declining balance, while the schedule separates each payment into interest and principal.
What each payoff result means
Swipe horizontally to view the full table.
Why the Statement Can Show a Different Number
The issuer knows actual daily balances, transaction dates, cycle length, grace-period status, fees, and every APR category.
A single account can carry different APRs for purchases, cash advances, balance transfers, checks, or promotions.
Use the statement and card agreement as the authoritative account record. This calculator is a transparent planning model.
Calculator assumptions versus a real statement
Swipe horizontally to view the full table.
Payoff Disclosures on U.S. Statements
U.S. periodic statements generally include minimum-payment repayment information and can include a payment associated with repaying the shown balance within three years under required assumptions.
That disclosure can differ from this calculator because the statement uses the issuer's account data and regulatory calculation rules.
Paying more than the minimum generally reduces the time and interest required, provided no new balance is added.
When the Planned Payment Is Unaffordable
Contact the card issuer promptly rather than waiting for repeated missed payments. Explain the situation, the amount currently affordable, and when normal payments may resume.
The issuer may have payment-change or hardship options. Qualified nonprofit credit counseling may also be appropriate.
This calculator cannot determine eligibility, negotiate terms, or evaluate the effect on a credit report or score.
Privacy and Appropriate Use
The calculation, comparison, chart, schedule, print view, and CSV export run locally in the browser.
The final interface does not publish balances or APRs through a new share link.
The result is not a statement, settlement offer, hardship plan, legal opinion, or personalized debt-management recommendation.
Credit Card Payoff Formulas
The calculator derives a periodic rate, applies interest to the beginning balance, subtracts the payment, and repeats. Target-timeline mode solves for a level payment and verifies it with the schedule.
Formula variables
- Annual percentage rate written as a decimal
- Modeled periodic interest rate
- Balance at the beginning of the billing cycle
- Modeled interest for the cycle
- Payment for the cycle
- Payment applied to principal
- Starting balance
- Target number of months
Examples
Use a fixed monthly payment
1Input
Balance $5,000; APR 18.9%; payment $200 per month.
Show result
Result
The calculator estimates the payoff duration, total interest, total paid, final payment, balance chart, and complete schedule.
Pay off a balance within two years
2Input
Balance $8,000; APR 20%; target 24 months.
Show result
Result
The calculator solves for a cent-rounded monthly payment and verifies the actual payoff period.
Compare a percentage minimum
3Input
Greater of $25 or 2% of the modeled balance after interest.
Show result
Result
The calculator produces a declining minimum-payment schedule and compares its time and interest with the selected plan.
Compare an interest-plus-principal minimum
4Input
Greater of $25 or modeled interest plus 1% of beginning balance.
Show result
Result
The comparison covers interest and applies the selected percentage toward principal, subject to the flat minimum.
Model a payment that is too small
5Input
Enter a fixed payment that does not exceed the first modeled interest charge.
Show result
Result
The calculator rejects the plan because it does not initially reduce principal.
Model a minimum that takes too long
6Input
Use a minimum-payment rule that does not clear the balance within 1,200 modeled billing cycles.
Show result
Result
The comparison reports that the balance is not repaid within 100 years.
Frequently Asked Questions
How long will it take to pay off my credit card?
Enter the balance, APR, and planned monthly payment. The calculator repeats the modeled billing cycle until the balance reaches zero.
How much should I pay to clear a card by a certain date?
Choose Payoff timeline and enter the target number of months. The calculator solves for a level payment and verifies it with the schedule.
Why does my statement interest differ?
The issuer may use actual daily balances, cycle days, payment timing, transactions, grace-period rules, fees, and several APR categories.
Should I use daily or monthly interest?
Daily is closer to the general approach used by many issuers, but still uses an average month. APR divided by 12 is a simpler comparison.
Why must the fixed payment exceed the first interest charge?
A payment no larger than interest does not initially reduce principal, so the balance cannot follow a normal payoff path.
Why can minimum payments take decades?
A percentage minimum often falls as the balance declines, leaving progressively less money to reduce principal.
Does the minimum-payment comparison reproduce my statement?
No. It supports two editable simplified rules. Use the statement and agreement for the actual minimum due.
Can I use this calculator for several credit cards?
The calculator models one balance and APR at a time. Model cards separately or use a dedicated multi-debt strategy tool.
Does it include new purchases or fees?
No. It assumes the card is no longer used and no new fees or missed payments occur.
What if the card has multiple APRs?
A single-rate model cannot reproduce the account. Statements can separate purchases, cash advances, transfers, and promotions by APR.
What should I do if I cannot afford the minimum payment?
Contact the issuer promptly and explain what is affordable. Ask about available payment or hardship options and consider qualified nonprofit credit counseling.
Can I export the complete schedule?
Yes. The on-page schedule is paginated, while CSV export includes every modeled billing cycle.
Are my card details uploaded or published?
No. Calculations and CSV creation occur locally, and the final interface does not create a new public assumptions link.
References
- CFPB — What Is a Daily Periodic Rate?
- CFPB — How Credit Card Interest Is Calculated
- CFPB — Minimum Payment and Three-Year Disclosure
- CFPB Regulation Z — Periodic Statement Repayment Disclosures
- CFPB — What to Do If You Cannot Pay a Credit Card Bill
- CFPB — Credit Card Balances With Different APRs
- Federal Reserve — Interagency Guidance on Credit Card Lending
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