Credit and debt
Credit card payoff calculator
Enter a balance, an annual percentage rate, and the amount you can pay each month. The result is the payoff time and the interest, or a clear warning if the payment is too small.
| Start | $5,000.00 |
|---|---|
| 6m | $4,582.70 |
| 12m | $4,121.93 |
| 18m | $3,613.13 |
| 24m | $3,051.31 |
| 30m | $2,430.95 |
| 36m | $1,745.95 |
| 42m | $989.55 |
| 48m | $154.34 |
| 50m | $0.00 |
What this means
- Paying $150.00 a month clears $5,000.00 in 50 months and costs $2,357.03 in interest.
- A 12 month payoff needs about $463.15 a month. A 24 month payoff needs about $254.46. A 36 month payoff needs about $185.80.
- Real cards may use a daily rate and fees. This estimate uses a simple monthly rate.
What if
About this calculator
What this calculator does
It walks a credit card balance forward one month at a time until the balance hits zero, or until it is clear the payment can never get there.
How it is calculated
Each month, interest equals the current balance times APR divided by 12, rounded to the cent. The payment then reduces the balance. If the payment is less than or equal to that month's interest, the balance does not fall and the plan fails.
The payment that clears the balance in 12, 24, or 36 months uses the standard loan formula, then rounds up to the next cent if needed so the month-by-month loop actually finishes on time:
M = P * r * (1 + r)^n / ((1 + r)^n - 1)
How to read the result
The large text is the payoff time. If it says the payment does not cover interest, raise the payment before you rely on any date. The 12, 24, and 36 month figures are the payments that would finish the debt on those schedules.
Assumptions and limits
The APR and the payment stay fixed. Fees, promotional rates, and daily compounding are not modeled. This is an educational estimate, not financial, tax, or lending advice.
Sources and method
A month-by-month loop with interest = balance * APR / 12, rounded to the cent. Card issuers use a daily periodic rate, so real statements can differ by a little.
Questions
Why does it say the payment does not cover interest?
The first month of interest is balance times APR divided by 12. If your payment is smaller than that, the balance grows and there is no payoff date.
Is the minimum payment enough?
Often it is only a bit above the interest. This calculator uses the payment you type, not a card's minimum formula.
What does the 12 month payment mean?
It is the fixed monthly amount that pays the current balance off in about 12 months at the APR you entered.
Does a 0% APR change the math?
Yes. Interest is zero, so the months are the balance divided by the payment, rounded up to a whole month.
Will my statement match this exactly?
Probably not. Issuers use their own daily rates, rounding, and fees. Treat this as an educational estimate.