Credit Card Payoff Calculator
Find out how long it will take to pay off your debt, and how much an extra payment saves you.
How this calculator works
Each month, interest is charged on your remaining balance at your APR divided by 12. Your payment first covers that interest, and whatever is left reduces the balance. The calculator repeats this until the balance reaches zero.
Why paying only the minimum is so expensive
Minimum payments are often just above the monthly interest charge, so the balance barely moves. Even a small extra payment shortens the payoff time dramatically and can save hundreds or thousands of dollars in interest.
Ways to pay off debt faster
- Debt avalanche: pay extra toward the highest-APR card first. This saves the most interest.
- Debt snowball: pay off the smallest balance first for quick wins and motivation.
- Balance transfer: a 0% intro APR card can cut interest, but watch the transfer fee and the end date.
- Lower your rate: call your issuer and ask. A lower APR changes your payoff math immediately.
Frequently asked questions
Is my information stored?
No. All calculations happen in your browser. Nothing you enter is sent to or saved on our servers.
Why does it say my payment is too low?
If your monthly payment is less than or equal to one month of interest, the balance never shrinks. Increase your payment until it exceeds the monthly interest.
This calculator provides estimates for educational purposes only and is not financial advice. Real results can vary with fees, changing rates, and new purchases.