Credit Cards Payoff Calculator

Estimate payoff time, total interest, and a month-by-month schedule. Switch modes to solve for the payment you need.

How to Use

  1. Enter your balance and APR.
  2. Choose a mode: Payoff Time (given payment) or Required Payment (given target months).
  3. Review Results, then open Show Work for steps and assumptions.
  4. Use Share Link to generate a URL that restores your inputs.

This tool assumes interest is applied monthly using APR ÷ 12. (Your issuer may calculate interest daily; use this for planning and comparison.)

Inputs & Settings
Deterministic monthly model. No URL changes while typing.
Your current statement balance.
APR as a percentage (e.g., 19.99).
Fixed monthly payment amount.
Added on top of the base payment each month.
If your payment is below this, the tool can flag it.

Payoff Schedule

Rows: —

Month-by-month breakdown: payment, interest, principal, remaining balance.

Month Payment Interest Principal Balance
No schedule yet — enter inputs above.
Schedule uses a monthly rate (APR ÷ 12) and applies interest before principal each month.

Assumptions & Tips

  • Monthly interest model: r = APR / 12.
  • Payment order: interest first, then principal.
  • Extra payment: added each month to reduce principal faster.
  • Payoff impossible: if payment ≤ monthly interest, the balance will not decrease (tool will flag it).
Show Work (step-by-step)
—
Work is shown in dollars and a monthly interest rate for clarity. This is a planning estimate.

Reference

Monthly rate: r = (APR / 100) / 12

Monthly interest: interest = balance × r

Principal paid: principal = payment − interest

FAQ

Why does my payoff take so long with small payments?

If your payment is close to (or below) the monthly interest, very little goes to principal, so the balance drops slowly.

Is APR the same as the interest rate used daily?

Not exactly. Many cards use a daily periodic rate. This tool uses a clean monthly model for deterministic estimates.

What if I keep making new purchases?

This calculator assumes no new charges. If you add charges, payoff time increases.

Tool Info

Last updated:

Updates may include schedule formatting, edge-case handling, and share/restore improvements.