Borrowing
Credit Card Payoff Calculator
See how long a credit card takes to pay off at your APR, the interest it costs, what minimums really cost, and the payment to be debt-free by a date.
Time to pay off
2 yrs 10 mos
34 payments of $200.00
Total interest
$1,749.90
Total paid
$6,749.90
$5,000.00 balance
Formula estimate
33.75 mos
unrounded months
United States minimum-payment rules. An estimate, not financial advice, providers may calculate differently.
- Your plan
- Paying $250.00
Payoff schedule
| Year | Payments | Paid | Interest | Balance |
|---|---|---|---|---|
| 1 | 12 | $2,400.00 | $960.57 | $3,560.57 |
| 2 | 12 | $2,400.00 | $609.94 | $1,770.51 |
| 3 | 10 | $1,949.90 | $179.39 | $0.00 |
How the interest column is worked out
The APR is divided by twelve and applied to the opening balance: 22% ÷ 12 = 1.833% a month, so month one charges $5,000.00 × 1.833% = $91.67. The payment covers that first; whatever is left is the principal column, and the balance falls by it.
Every row is rounded to the smallest unit of the currency, so the columns add up the way a statement does. Issuers themselves charge a daily periodic rate (APR ÷ 365) on the average daily balance, which lands within a few units of this but moves with the exact day you pay.
A result link includes the numbers you entered. Share it only with people you want to see them.
How this is calculated
A credit card balance does not come with a schedule the way a loan does: you choose how much to pay each month, and the card charges interest on whatever is left. This calculator simulates the balance month by month. Enter what you owe and the card's APR, then pick a plan: a fixed amount each month, paying off by a date, for which the calculator finds the payment needed, or the issuer's minimum payment, so you can see what happens if you do nothing more. Each month's interest is charged on the opening balance and comes out of the payment first; what is left reduces the balance, and a comparison line shows how much sooner you would finish by paying a little extra.
interestbalance × (APR ÷ 12)
principalpayment − interest
new balancebalance − principal
- balance
- what is owed at the start of the month
- APR
- the card's annual percentage rate; the monthly rate is APR ÷ 12
- payment
- the amount you pay that month: a fixed figure, the target-mode figure, or the country's minimum
What this does not include
- Annual fees, late fees and penalty APRs: enter the balance and rate your agreement actually charges.
- Daily-balance interest: this model charges one month's interest on the opening balance.
- Promotional rates that expire mid-plan; run the two periods separately.
- New purchases: the projection assumes you stop adding to the balance.
How this calculator works
Credit card payoff guide: minimums, fixed payments and target dates. How the monthly simulation charges interest, why minimum payments take decades, what a fixed payment does, and the formula behind the target-date payment.
This calculator in other countries
Each country has its own rates, thresholds and rules, and its own page that runs the calculator on them and cites the official sources they came from.
Data sources
| Dataset | Authority | Effective | Status |
|---|---|---|---|
| United States consumer finance conventions | Social Security Administration | Within its effective period | |
| United Kingdom consumer finance conventions | GOV.UK | Within its effective period | |
| German consumer finance conventions | Deutsche Rentenversicherung | Not yet in effect | |
| Canadian consumer finance conventions | Government of Canada | Within its effective period | |
| Australian consumer finance conventions | Services Australia | Within its effective period | |
| Irish consumer finance conventions | Citizens Information | Within its effective period | |
| Dutch consumer finance conventions | SVB | Within its effective period | |
| New Zealand consumer finance conventions | Work and Income | Within its effective period | |
| Swedish consumer finance conventions | Pensionsmyndigheten | Within its effective period | |
| Indian consumer finance conventions | Reserve Bank of India | Within its effective period | |
| Sri Lankan consumer finance conventions | Central Bank of Sri Lanka | Within its effective period | |
| Finnish consumer finance conventions | Finnish Centre for Pensions | Within its effective period | |
| Japanese consumer finance conventions | Japan Pension Service | Within its effective period | |
| French consumer finance conventions | Service-public.fr | Within its effective period | |
| Spanish consumer finance conventions | Seguridad Social | Within its effective period |
Every document each dataset was read from, its notes and how the figures were checked are listed in the guide's data sources.
This calculator is for general information only and is not financial advice. Results are estimates based on the figures you enter and the stated formula; lenders and providers may round or calculate differently. Check any decision with the institution involved or a qualified adviser.