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Calcora

Debt

Credit Card Payoff Calculator

See how long it could take to pay off a credit card balance and how your monthly payment changes the interest you pay.

Your credit card

Use the balance and APR from your latest statement.

What you owe on this card today.

Your card’s annual percentage rate.

How much you plan to pay toward this card each month.

Private by design

Your card balance, APR, and payment stay in your browser and are not sent to Calcora.

How this calculator works

  1. Enter your card details

    Add the balance you owe, your card’s APR, and the amount you plan to pay each month.

  2. Interest is added each month

    The calculator divides your APR by 12 and charges that monthly rate on the balance at the start of the month.

  3. Your payment covers interest first

    Each payment pays that month’s interest. Whatever is left reduces your balance.

  4. Repeat until the balance is $0

    The same payment is made every month. The last one is usually smaller, because it only needs to clear what is left.

Why paying more changes the result

Two numbers set your payoff time: your APR decides how much interest each month adds, and your payment decides how much is left to reduce the balance.

  1. Interest is charged on what you still owe

    Each month’s interest is a share of your remaining balance, so a larger balance creates more interest.

  2. Each payment covers interest first

    Before any of your payment lowers the balance, it pays the interest added that month.

  3. The rest reduces the principal

    Only the part of your payment above that month’s interest lowers what you owe.

  4. A smaller balance creates less interest

    Paying more lowers the balance faster, so each later month adds less interest and more of every payment goes to principal.

Example payoff calculation

A $5,000 balance at 24% APR, calculated the same way as the calculator above.

The first month

Monthly rate
24% ÷ 12 = 2%
Interest in month 1
2% × $5,000.00 = $100.00
Payment
$200.00
Goes to the balance
$200.00 − $100.00 = $100.00
Balance after month 1
$4,900.00

The whole payoff

Paying $200 a month

Paid off in
3 years
Total interest
$2,000.57

Paying $300 a month

Paid off in
1 year, 9 months
Total interest
$1,143.33

Paying $100 more each month would save $857.24 in interest and pay off the card 1 year, 3 months sooner.

Assumptions

  • Interest is charged once a month at the APR divided by 12, on the balance at the start of the month.
  • Card issuers usually charge interest daily, using a daily periodic rate on your average daily balance. Real interest can differ slightly, typically by about 1% of the interest at common APRs.
  • You pay the same amount at the end of every month, starting next month. The last payment is whatever clears the balance.
  • No new purchases, cash advances, fees, or late payments are added.
  • The APR stays the same until the balance is paid off. Promotional and penalty rates are not modeled.
  • Results are estimates for education, not financial advice.

How Calcora calculates

  • Every calculator explains the formula behind its result in plain language.
  • Calculators are designed to run in your browser, so your inputs are not sent to Calcora.
  • Results help you understand your options. They are not financial advice.
Read the methodology

Frequently asked questions

How long will it take to pay off my credit card?
It depends on your balance, your APR, and how much you pay each month. Enter all three and the calculator works through each month to show how many months the payoff takes, the estimated payoff month, and the total interest.
Why is my credit card balance going down so slowly?
Each payment covers that month’s interest first, and only the rest reduces the balance. At a high APR, interest can take a large part of each payment. If your payment is no more than the month’s interest, the balance never goes down; the calculator tells you when that happens and shows the smallest payment that would start reducing it.
What happens if I increase my monthly payment?
More of each payment goes to the balance, so it falls faster and less interest builds up. The “What if I pay more?” table compares the payoff time, total interest, and interest saved for several higher payments.
Does this calculator use daily interest?
No. It uses a monthly rate: your APR divided by 12, applied to the balance at the start of each month. Most card issuers charge a daily rate on your average daily balance, so your actual interest may differ slightly.
Which APR should I enter?
Enter the APR shown on your latest statement for the balance you want to pay off. The calculator uses one APR that stays the same for the whole payoff; it does not model promotional rates, penalty rates, or balances with different rates.
Does Calcora store my credit card information?
No. The calculation runs in your browser. Your balance, APR, and payment are not sent to Calcora or saved, and they are cleared when you leave or reload the page. The calculator never asks for your card number.

Related calculators

Have multiple debts? Compare payoff strategies with the Debt Payoff Calculator.