Credit Card Payoff Calculator
Find out exactly when you will be credit card debt-free and how much interest you will pay along the way. Enter your current balance, APR, and monthly payment to see a complete payoff timeline.
How to Use
Enter your current credit card balance, the annual percentage rate (APR), and how much you plan to pay each month. Your monthly payment must be more than the monthly interest charge, or the balance will never be paid off. Click calculate to see your payoff date, total interest, and a month-by-month breakdown.
Formula
Monthly Interest = Balance × (APR / 12)
Principal Payment = Monthly Payment - Monthly Interest
New Balance = Balance - Principal Payment
Each month, interest is charged on the remaining balance. The portion of your payment that exceeds the interest charge goes toward reducing the principal balance. As the balance decreases, more of each payment goes to principal and less to interest, which is why payoff accelerates over time.