Free 100% In-Browser Tool

Credit Card Payoff Calculator

Calculate how quickly you can eliminate credit card balances and how much interest you save with larger payments.

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How to Use the Credit Card Payoff Calculator

1Enter your current credit card balance (e.g. $5,000).
2Enter the card's annual percentage rate (APR) interest (e.g. 21.99%).
3Enter either your target monthly payment OR your target payoff timeline in months.
4Review the total interest charges, amortization breakdown, and debt-free date.

Formula & How It Works

Amortization & Interest Formula

n = -ln(1 - (r × B) / P) / ln(1 + r) where r = APR / 12

Monthly interest is calculated by multiplying the outstanding balance by (APR / 12). The monthly payment is applied first to interest, with the remainder reducing the principal balance.

Worked Examples

$6,000 Balance at 22% APR

Input: Balance: $6,000, APR: 22.0%, Monthly Payment: $250

Explanation: Increasing monthly payments from minimum to $250 saves thousands in finance charges.

Result: Time to Payoff: 33 Months | Total Interest: $2,084.15

Paying Debt Off in 12 Months

Input: Balance: $3,000, APR: 18.0%, Target: 12 months

Explanation: A targeted monthly payment of $275.04 achieves debt freedom in exactly one year.

Result: Required Monthly Payment: $275.04 | Total Interest: $300.48

Frequently Asked Questions

What happens if I only pay the minimum balance?▼

Paying only the minimum balance (typically 1% to 2% of balance plus monthly interest) can take decades to eliminate debt and cost multiples of the original charge in interest.

Can I enter extra one-time lump-sum payments?▼

Yes, you can model the effect of applying tax refunds or bonuses directly toward the principal balance.

Does this account for new purchases on the card?▼

The calculator assumes no additional purchases are made on the card while paying down the balance.

Is this financial advice?▼

For information only, not financial advice.

Last reviewed & updated: 2026-03-29

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