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- Enter your balance, APR and monthly payment to see your debt-free date.
- Or choose a number of months to find the payment you need.
- Compare your plan with paying only the minimum.
- Supports USD, GBP and INR.
How to use the credit card payoff calculator
Enter your balance
Use the current balance from your statement.
Add the APR
Type the purchase APR shown on your statement, for example 22%.
Choose your plan
Pay a fixed amount each month, or enter how many months you want to take.
Compare with minimums
Open the advanced options to set how your card calculates the minimum payment.
How credit card payoff is calculated
Each month interest is added to the balance and your payment is taken off. Only the part of the payment above the interest reduces the debt, which is why small payments take so long.
Monthly interest and payoff time
Interest this month = balance × APR ÷ 12
Months to pay off = −ln(1 − r × B ÷ P) ÷ ln(1 + r)
B = balance, P = monthly payment, r = APR ÷ 12
If the payment is not larger than the monthly interest, the balance never falls.
Credit card payoff examples
Example 1: $5,000 at 22% APR, paying $250 a month
No new purchases on the card.
About 37% of the first payment goes on interest.
Example 2: debt-free in 24 months
Same $5,000 at 22% APR.
A target date turns the debt into a plan with a fixed monthly payment.
Example 3: paying only the minimum
Minimum = interest plus 1% of the balance, at least $25.
The fixed $250 plan saves $6,814.05 in interest compared with paying the minimum.
Reference: $5,000 at 22% APR
Time and interest by monthly payment.
Raising the payment from $150 to $300 cuts both the time and the interest by more than half.
Ways to pay off a card faster
Stop adding new purchases while you pay down the balance, and pay more than the minimum every month. If you have several cards, the avalanche method targets the highest APR first and saves the most interest; the snowball method clears the smallest balance first for quick wins. A 0% balance transfer can help if you clear the balance before the promotion ends and the transfer fee is lower than the interest saved. To see how compounding works on debt, try the compound interest calculator, or compare a consolidation loan with the loan EMI calculator.
Where a credit card payoff calculator helps
Setting a target
Find the payment that clears the card by a chosen date.
Seeing the cost of minimums
Understand how long the minimum payment really takes.
Balance transfers
Compare your current APR with a 0% or lower-rate offer.
Budgeting
Fit a realistic payment into your monthly budget.
Card issuers usually charge interest daily on the average balance and may add fees, so your statement can differ slightly. The calculator assumes a fixed APR and no new spending. If you are struggling with debt, a free non-profit debt advice service can help.
Credit card payoff calculator FAQ
How is credit card interest calculated?
Most issuers divide the APR by 365 and charge it daily on your balance. This calculator uses APR ÷ 12 each month, which gives very close results.
Why does paying the minimum take so long?
Most of a minimum payment covers interest, and the minimum falls as the balance falls, so very little goes toward the debt each month.
What payment do I need to clear my card in a year?
Choose “Be debt-free by” and enter 12 months. For $5,000 at 22% APR the payment is about $468 a month.
Should I pay off the highest APR or smallest balance first?
Paying the highest APR first (avalanche) saves the most interest. Paying the smallest balance first (snowball) can keep you motivated. Both work if you keep paying.
Does a balance transfer help?
It can, if the transfer fee is lower than the interest you save and you clear the balance before the 0% period ends.
Will paying off my card improve my credit score?
Lowering your balance reduces your credit utilisation, which usually helps your score over time.