Credit Card Payoff Calculator

Months to clear a card balance and the interest it will cost.

Credit Card Payoff Calculator

Worked example result

Months to pay off	12
Years to pay off	1.0
Total interest paid	$127.03
Total paid (balance + interest)	$1,127.03

A $1,000 balance at 24% APR with $100 monthly payments clears in 12 months and costs $127.03 of interest.

Enter your balance, APR and the fixed amount you can pay each month. The calculator simulates the balance month by month to show exactly how long payoff takes and how much interest you will pay.

Paying only the minimum keeps you in debt for years — a fixed payment is the fastest way out.

The formula

Each month: Interest = Balance × APR/12; Balance = Balance + Interest − Payment, until Balance = 0

Worked example

A $1,000 balance at 24% APR with $100 monthly payments clears in 12 months and costs $127.03 of interest.

The example is pre-loaded in the result panel — press Calculate with your own numbers to replace it.

Frequently asked questions

What if my payment is too small?

If the payment does not cover the monthly interest, the balance grows forever. The calculator warns you in that case — increase the payment above the monthly interest shown by the first month.

How much does paying extra help?

Dramatically. Because interest is charged on the remaining balance, every extra dollar early removes interest in every later month. Try doubling the payment and compare total interest.

Category: Finance calculators

Credit Card Payoff Calculator