Credit Card Payoff Calculator

What this calculator does

This calculator estimates how long it may take to clear a credit card if you pay a fixed amount each month. It also shows the interest cost so repayment plans are easier to compare.

Formula used

Each month, interest is added using one twelfth of the APR, new spending is added, then the fixed payment is subtracted. The calculator repeats this until the balance reaches zero.

How to read the result

If the payment does not cover the monthly interest and new spending, the balance will not fall. A fixed payment usually clears debt faster than a minimum payment that shrinks over time.

Assumptions

• Assumes a fixed APR.
• Assumes the same payment is made every month.
• Does not include fees, promotional rates, cash advance rates or minimum payment rules.

Sources and checks

This calculator uses a standard public formula. Where rules or thresholds can change, source links are listed on the relevant page.

Frequently asked questions