Credit Cards Payoff Calculator
Estimate payoff time and interest from a balance, APR, and monthly payment.
Balance payoff path and payoff breakdown
Principal and interest
Monthly payoff schedule
| Month | Payment | Principal | Interest | Balance |
|---|
Detailed Breakdown
Inputs
Use the current statement balance, purchase APR, and the fixed monthly amount you plan to pay. Check whether your issuer uses different APRs for purchases, transfers, or cash advances.
Monthly model
The estimate adds one month of interest at APR / 12, then subtracts the payment. It repeats until the balance reaches zero and reports payoff time, interest, and total paid.
If payment is too low
When payment is no greater than the current month's interest, principal does not decline. Increase the payment or consult the issuer about a repayment arrangement.
Assumptions
APR remains fixed, and no new purchases, late fees, annual fees, or promotional-rate changes occur. Real card interest may use daily balances and issuer-specific rounding, so the schedule is an estimate.
Examples
For a 5,000 balance at 18% APR with a fixed 200 monthly payment, the first month's estimated interest is 75 and about 125 reduces principal. The payoff estimate assumes no new charges.
FAQ
Why must the payment exceed monthly interest?
If the payment only covers interest, the balance does not fall. A payment below interest can cause the balance to grow.
Does the estimate include future purchases?
No. It models only the entered starting balance and fixed payment. New purchases, fees, and rate changes must be considered separately.
Can I compare several cards?
This page models one balance at a time. For several debts and a shared monthly budget, use the Debt Payoff Calculator.
Related Calculators
- Debt Payoff Calculator — prioritize multiple balances.
- Loan Calculator — estimate a fixed-rate installment loan.
- Budget Calculator — review how a payment fits your monthly plan.
Internal links: compare one card with the multi-account Debt Payoff Calculator and review monthly affordability in the Budget Calculator.