Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card balance and how much interest you'll pay.
Balance, APR and payment
Enter the outstanding starting balance, annual percentage rate (APR), fixed monthly payment and any new monthly charges. Payment is the amount you plan to pay each month, not a changing minimum-payment schedule. APR is a borrowing rate; it is not savings APY.
Worked example: paying a fixed amount
Enter a $1,000 balance, 12% APR, $100 monthly payment and $0 new monthly charges. First-month interest is $1,000 × 0.12/12 = $10; after the payment, the balance is $910. The model pays off the balance in 11 months, with $58.98 total interest and $1,058.98 paid, displayed as $59 and $1,059. The last payment is smaller than $100.
How the monthly estimate works
Each month, interest = balance × APR/100/12. New charges are then added and payment is applied. APR, payment and new charges stay constant; fees, daily-balance calculations and promotional-rate changes are excluded. Actual statements may differ.
The payment must exceed starting monthly interest plus new charges to reduce a positive balance. In the example, $10 only covers the first month of interest and does not reduce principal. Payoff totals are unavailable for non-reducing payments or payoff beyond the 50-year calculation horizon. A zero starting balance is already paid off; future purchases are not projected.
Comparing the cost of borrowing and saving
To explore a separate savings scenario with regular deposits, use the compound interest calculator. Compare its nominal-rate assumptions with this APR model carefully; the two estimates do not decide how much emergency savings you need.