Credit Card Payoff Calculator
Enter your current balance, APR, and monthly payment to see payoff time, total interest, and savings from extra payments.
Your credit card details
Payoff summary
Monthly schedule
Below shows the schedule using your current payment. The “Interest saved vs. no extra” column compares cumulative interest each month to a baseline that uses the same payment without extra.
Show monthly breakdown (35 rows)
| Month | Payment | Interest | Principal | End balance | Interest saved vs. no extra |
|---|---|---|---|---|---|
| 1 | $200 | $96 | $104 | $4,896 | $0 |
| 2 | $200 | $94 | $106 | $4,790 | $0 |
| 3 | $200 | $92 | $108 | $4,681 | $0 |
| 4 | $200 | $90 | $110 | $4,571 | $0 |
| 5 | $200 | $88 | $112 | $4,459 | $0 |
| 6 | $200 | $85 | $115 | $4,344 | $0 |
| 7 | $200 | $83 | $117 | $4,227 | $0 |
| 8 | $200 | $81 | $119 | $4,108 | $0 |
| 9 | $200 | $79 | $121 | $3,987 | $0 |
| 10 | $200 | $76 | $124 | $3,863 | $0 |
| 11 | $200 | $74 | $126 | $3,737 | $0 |
| 12 | $200 | $72 | $128 | $3,609 | $0 |
| 13 | $200 | $69 | $131 | $3,478 | $0 |
| 14 | $200 | $67 | $133 | $3,345 | $0 |
| 15 | $200 | $64 | $136 | $3,209 | $0 |
| 16 | $200 | $61 | $139 | $3,070 | $0 |
| 17 | $200 | $59 | $141 | $2,929 | $0 |
| 18 | $200 | $56 | $144 | $2,785 | $0 |
| 19 | $200 | $53 | $147 | $2,639 | $0 |
| 20 | $200 | $51 | $149 | $2,489 | $0 |
| 21 | $200 | $48 | $152 | $2,337 | $0 |
| 22 | $200 | $45 | $155 | $2,182 | $0 |
| 23 | $200 | $42 | $158 | $2,023 | $0 |
| 24 | $200 | $39 | $161 | $1,862 | $0 |
| 25 | $200 | $36 | $164 | $1,698 | $0 |
| 26 | $200 | $33 | $167 | $1,530 | $0 |
| 27 | $200 | $29 | $171 | $1,360 | $0 |
| 28 | $200 | $26 | $174 | $1,186 | $0 |
| 29 | $200 | $23 | $177 | $1,008 | $0 |
| 30 | $200 | $19 | $181 | $828 | $0 |
| 31 | $200 | $16 | $184 | $644 | $0 |
| 32 | $200 | $12 | $188 | $456 | $0 |
| 33 | $200 | $9 | $191 | $265 | $0 |
| 34 | $200 | $5 | $195 | $70 | $0 |
| 35 | $71 | $1 | $70 | $0 | $0 |
Show baseline (no extra) schedule
| Month | Payment | Interest | Principal | End balance |
|---|---|---|---|---|
| 1 | $200 | $96 | $104 | $4,896 |
| 2 | $200 | $94 | $106 | $4,790 |
| 3 | $200 | $92 | $108 | $4,681 |
| 4 | $200 | $90 | $110 | $4,571 |
| 5 | $200 | $88 | $112 | $4,459 |
| 6 | $200 | $85 | $115 | $4,344 |
| 7 | $200 | $83 | $117 | $4,227 |
| 8 | $200 | $81 | $119 | $4,108 |
| 9 | $200 | $79 | $121 | $3,987 |
| 10 | $200 | $76 | $124 | $3,863 |
| 11 | $200 | $74 | $126 | $3,737 |
| 12 | $200 | $72 | $128 | $3,609 |
| 13 | $200 | $69 | $131 | $3,478 |
| 14 | $200 | $67 | $133 | $3,345 |
| 15 | $200 | $64 | $136 | $3,209 |
| 16 | $200 | $61 | $139 | $3,070 |
| 17 | $200 | $59 | $141 | $2,929 |
| 18 | $200 | $56 | $144 | $2,785 |
| 19 | $200 | $53 | $147 | $2,639 |
| 20 | $200 | $51 | $149 | $2,489 |
| 21 | $200 | $48 | $152 | $2,337 |
| 22 | $200 | $45 | $155 | $2,182 |
| 23 | $200 | $42 | $158 | $2,023 |
| 24 | $200 | $39 | $161 | $1,862 |
| 25 | $200 | $36 | $164 | $1,698 |
| 26 | $200 | $33 | $167 | $1,530 |
| 27 | $200 | $29 | $171 | $1,360 |
| 28 | $200 | $26 | $174 | $1,186 |
| 29 | $200 | $23 | $177 | $1,008 |
| 30 | $200 | $19 | $181 | $828 |
| 31 | $200 | $16 | $184 | $644 |
| 32 | $200 | $12 | $188 | $456 |
| 33 | $200 | $9 | $191 | $265 |
| 34 | $200 | $5 | $195 | $70 |
| 35 | $71 | $1 | $70 | $0 |
Results interpretation
- If payment ≤ first-month interest, the balance won’t fall—raise the payment or lower the APR.
- Extra payments go entirely to principal and shorten time to payoff disproportionately.
- Big APRs (20%+) make interest add up quickly—every extra dollar today prevents interest on that dollar every month going forward.
- Who it’s for: anyone planning a fast, realistic path to being debt-free on a revolving card.
How this calculator works
Formula & assumptions
We model a credit card as a monthly-compounding balance. Each month, interest is balance × (APR/12). Your payment first covers interest, and the rest lowers principal. The loop repeats until the balance reaches zero.
If your payment is ≤ first month’s interest, the balance can’t drop—that’s why the tool flags it as infeasible.
Assumptions: fixed APR, fixed monthly payment, no new purchases/fees; monthly compounding. Outputs are planning estimates, not financial advice.
Use cases & examples
Example 1: Balance $5,000 @ 22.99% APR, payment $200 → debt-free in about 2 yrs 11 mo. Add $50 extra and you shave months off and save significant interest.
Example 2: Balance $12,000 @ 18% APR. Paying $250 barely moves the needle because interest is ~$180 in the first month. Increase to $400–$500 to make visible progress.
Example 3: Two cards? Pay the minimum on all, then put every extra dollar on the card with the highest APR (avalanche) or the smallest balance (snowball) for faster motivation.
Credit Card Payoff — FAQ
What payment gets me out of debt faster?
Anything above the minimum—every dollar of extra payment hits principal immediately.
Is it better to pay the highest APR first?
Mathematically yes (avalanche). Snowball (smallest balance first) can be more motivating—use the method you’ll stick with.
Should I consolidate?
If you can qualify for a much lower rate and keep payments the same or higher, total interest can drop. Watch fees and loan terms.
Do new purchases change the schedule?
Yes—new spending increases balance and interest. Pause card use while paying off.
Why does my balance barely move?
Your payment may be close to monthly interest. Increase payment or lower APR (promo transfer, negotiate, or consolidate).
How often is interest charged?
This tool uses monthly compounding, which closely approximates most card behavior.
How to use the payoff calculator
- Enter your current balance from your latest statement.
- Enter the APR (annual percentage rate) shown on the statement.
- Enter what you can pay every month, plus any extra principal.
- Review the payoff time, total interest, and savings from extra payments.
- Adjust payments until the timeline and total cost fit your goals.
Credit Card Payoff Calculator: Cut Interest, Pick a Strategy, and Get Debt-Free Sooner
A credit card payoff calculator turns a stressful balance into a simple plan. By entering your balance, APR, and monthly payment, you can see exactly how long payoff will take and how much interest you’ll pay—then test how an extra $25, $50, or $100 each month accelerates your debt-free date. Because credit cards compound interest monthly, even small changes in payment size create outsized savings. This guide explains how payoff math works, which strategies reduce interest fastest, and practical moves that make progress stick.
Why balances feel “sticky”
Credit card APRs are among the highest consumer rates. With a 23% APR, the first month’s interest is roughly balance × (APR ÷ 12). A $5,000 balance accrues about $96 in month-one interest. If you only pay $100, just $4 goes to principal and the balance barely moves. The fix is simple: make a payment comfortably above the monthly interest so each month chips away meaningful principal.
Pick a strategy you’ll follow
If you have multiple cards, two popular approaches work well. The avalanche method targets the highest APR first—it’s the cheapest path in total interest. The snowball method targets the smallest balance first—it creates quick wins that keep motivation high. There’s no “wrong” choice. Use the method that gets you to the finish line.
Lowering APR multiplies results
A balance transfer with a 0% promo or a low-rate consolidation loan can slash interest if you avoid new purchases and keep payments equal or higher. Always weigh the transfer fee or origination cost against interest saved. If the calculator shows you’ll be debt-free before a promo ends, a transfer can be a great accelerator.
Make the plan stick
- Automate the payment right after payday.
- Pause new charges on the card you’re paying off.
- Route windfalls (tax refunds, bonuses) to principal.
- Track your trend monthly.
Becoming debt-free is a series of small, consistent wins. Use the calculator to set a payment that comfortably beats your interest, add a modest extra each month, and stick with your strategy. The numbers will do the rest.