Credit card payoff calculator
Free browser-based loan and savings estimates. The interactive calculator requires JavaScript; explanations and examples are available below.
Read the guideFree browser-based loan and savings estimates. The interactive calculator requires JavaScript; explanations and examples are available below.
Read the guideEnter the current balance, APR and a fixed monthly payment. The calculator assumes no new purchases, no added fees and a constant APR. It uses APR divided by 12 as a monthly approximation. The last payment is capped at the remaining balance plus interest, so it can be smaller than your chosen payment.
If the selected payment does not cover the first month’s modeled interest, the balance cannot decline under these assumptions. The tool also rejects payoff horizons beyond 600 months. For a $5,000 balance at 24% APR, the first month’s modeled interest is $100; a payment of $100 or less does not amortize the debt. An extra payment can make an otherwise insufficient scenario valid, but the tool will not invent savings against an invalid baseline.
Actual cards commonly accrue interest daily and can have different rates for purchases, cash advances and transfers. Promotional periods, fees, changing issuer minimum payments and new spending are excluded. Use this for a fixed-payment plan, not to reproduce a statement minimum or a multi-rate account. Compare with your issuer’s disclosure and keep the APR current.
A hypothetical $5,000 balance at 24% APR with a fixed $200 monthly payment clears in 36 months and generates $2,000.56 of interest under this monthly approximation, assuming no new spending or fees.
These example rates are not current market quotes. Change the calculator inputs to match your own scenario. Displayed amounts are rounded; calculations use unrounded values.
No. It assumes the same selected monthly payment until the capped final payment.
New purchases are not modeled. Adding spending would change the payoff result.
Read our calculation methodology and limitations before relying on an estimate.
Educational estimates, not financial advice, loan offers or guaranteed returns.