Credit Card Payoff Calculator
Estimate how long a credit card balance takes to pay off at a fixed monthly payment, or the payment needed to clear the balance by a target date. This uses a simplified monthly interest model for education — not an exact simulation of any card issuer’s billing system.
Your results will appear here
Enter your assumptions and calculate to see the estimated result and supporting details.
How this calculator works
Choose Payment known (enter monthly payment → estimate payoff time) or Payoff time known (enter target months/years → estimate required payment).
Enter current balance and APR. Results show payoff timing or required payment, total interest, total repaid, and an optional monthly schedule.
Formula / methodology
Monthly rate r = APR / 12 Mode A: apply fixed payment until balance = 0 Mode B: M = P × [r(1+r)^N] / [(1+r)^N − 1] (for r = 0: M = P / N)
- Interest each month is rounded to the nearest cent on the remaining balance (same cents policy as installment schedules).
- If the payment does not cover the first month’s interest, payoff is impossible under this model and the calculator stops without looping.
- Issuers may use average daily balance, daily periodic rates, fees, statement cycles, purchases, promotional APR, or penalty APR.
Worked example
A $5,000 balance at 20% APR with a $200 monthly payment takes 33 months and about $1,522.13 in interest under this monthly model (total repaid about $6,522.13).
At 0% APR with the same $200 payment, payoff is exactly 25 months with $0 interest.
For a 24-month target at 18% APR on $5,000, the required payment is about $249.62.
Important assumptions
- Monthly compounding/accrual only — not daily issuer math.
- APR does not include fees.
- No new purchases, cash advances, or changing rates.
- Maximum modeled payoff horizon is 600 months.
Common questions
Issuers often use average daily balances, daily rates, fees, and statement timing. This tool is a transparent monthly estimate for planning, not a statement clone.
If the payment does not cover the first month’s interest, the balance cannot amortize. The calculator reports that clearly instead of running forever.
Yes. Interest is zero and payoff months equal balance divided by payment (with a final partial payment if needed).
No. Mode B uses installment mathematics for a target horizon, but real revolving accounts differ. Treat results as educational estimates.