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Payoff Calcs

Credit Card Payoff Calculator

See how long a fixed monthly payment takes to clear your balance, and what it costs in interest.

Calculating…

Why the minimum payment takes so long

Card interest is charged monthly on the remaining balance. If your payment is only slightly above the interest charged, almost all of it goes to interest and the balance falls slowly. If the payment is at or below the monthly interest, the balance never declines.

Example

A $5,000 balance at 20% APR paid at $200 per month takes 33 months and costs about $1,522 in interest. Paying $300 per month finishes in 20 months with about $907 in interest. A higher payment cuts both time and cost.

Assumptions

  • Fixed APR and a fixed payment; no new purchases, fees or promotional rates.
  • Interest is applied monthly at APR ÷ 12. Issuers that compound daily will charge slightly more.

To compare with installment debt, see the auto loan early payoff calculator.

For educational purposes only. Results are estimates and not financial advice. Your lender's figures may differ because of fees, escrow, rounding and payment timing. See our methodology.