Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card debt. See your payoff timeline, total interest paid, and get a detailed monthly breakdown to plan your debt-free future.
Current outstanding balance
Interest rate on your card
Required minimum payment
Additional payment above minimum
Accurate Calculations
Get precise payoff timelines and interest calculations based on your credit card APR and payment amounts.
Monthly Breakdown
See exactly how each payment is split between principal and interest over time.
100% Private
All calculations happen in your browser. Your credit card information is never sent to any server.
How It Works
Credit Card Interest Calculation
Each month, interest is calculated on your remaining balance:
- Monthly Interest Rate = APR ÷ 12 ÷ 100
- Interest Charge = Remaining Balance × Monthly Interest Rate
- Principal Paid = Monthly Payment - Interest Charge
- New Balance = Remaining Balance - Principal Paid
Example Calculation
Credit card with $5,000 balance at 18.99% APR:
- • Monthly Interest Rate = 18.99% ÷ 12 = 1.583%
- • First Month Interest = $5,000 × 0.01583 = $79.13
- • With $150 payment: $70.87 goes to principal, $79.13 to interest
- • With $200 payment: Payoff in ~32 months, $1,394 total interest
- • With $300 payment: Payoff in ~19 months, $766 total interest
The Power of Extra Payments
Even small extra payments can have a big impact. They go directly toward reducing your principal balance, which means less interest charged in future months. This creates a compound effect that can save you hundreds or even thousands of dollars.
Frequently Asked Questions
How does the credit card payoff calculator work?
The calculator uses your credit card balance, APR, minimum payment, and any extra payments to calculate your payoff timeline. It factors in monthly interest charges and shows you exactly when you will be debt-free.
What happens if I only make minimum payments?
Making only minimum payments extends your payoff timeline significantly and increases total interest paid. The calculator shows you exactly how much longer it takes and how much more interest you will pay compared to making extra payments.
How much can I save by making extra payments?
Extra payments can dramatically reduce your payoff time and total interest paid. The calculator shows you the exact impact of additional payments on your debt payoff timeline. Even an extra $25-50 per month can save you hundreds in interest.
What is APR and how does it affect my payoff?
APR (Annual Percentage Rate) is the yearly interest rate on your credit card. A higher APR means you pay more in interest each month, extending your payoff time and increasing total costs. The monthly rate is calculated by dividing APR by 12.
Is my credit card information secure?
Yes, absolutely! All calculations happen entirely in your browser. Your credit card balance and payment information is never sent to any server, ensuring complete privacy and security.
Can I use this for multiple credit cards?
You can calculate payoff for one card at a time. For multiple cards, calculate each separately to see individual timelines, or combine balances to see a total payoff timeline (using a weighted average APR).