onlinecalculator.me

Free credit card payoff calculator

Enter your current balance, interest rate, and monthly payment to see exactly how many months until you are debt-free and how much interest you will pay along the way.

Months to pay off
—
Total interest
$—
Total paid
$—
Min. payment
$—
About this calculator

How to use

  1. Enter your current credit card balance.
  2. Enter the APR from your statement (the default 18% is near the national average).
  3. Set the monthly payment you plan to make — it must be higher than the monthly interest charge.
  4. Read off the payoff timeline, total interest, and total paid.
  5. Press “Show payment schedule” to see every month laid out with interest and principal split.

The formula

Months to payoff:

n = -ln(1 - r × B / P) / ln(1 + r)

Where r = APR / 12 / 100 (monthly rate), B = current balance, P = monthly payment.

The minimum payment shown is the interest-only amount — the least you can pay without the balance growing:

minimum = B × r

Worked example

Balance $5,000 at 18% APR with $200/month:

  • Monthly rate: 18 / 12 / 100 = 1.5%
  • Monthly minimum (interest only): $5,000 × 0.015 = $75.00
  • Months to payoff: -ln(1 - 0.015 × 5000 / 200) / ln(1.015) ≈ 32 months
  • Total paid: ≈ $6,280
  • Total interest: ≈ $1,280

Boosting the payment to $300/month cuts it to about 20 months and saves roughly $400 in interest.

Notes

  • The calculator assumes a fixed interest rate and fixed monthly payment throughout. Variable-rate cards may have different outcomes.
  • Minimum payment policies vary by card issuer. This calculator shows the interest-only floor — many issuers require a small additional principal payment on top of interest.
  • Any fees (annual fee, late fee) are not included. These would increase the effective cost.

Frequently asked

How is the payoff time calculated?
The calculator uses the standard amortization formula: n = -ln(1 - r × B / P) / ln(1 + r), where r is the monthly interest rate (APR ÷ 12 ÷ 100), B is the balance, and P is the monthly payment. It then simulates month-by-month to get precise totals.
What happens if my payment is too low?
If your monthly payment is less than or equal to the monthly interest charge (balance × APR / 12 / 100), your balance will never decrease. The calculator shows a warning and marks the scenario infeasible. You need to pay more than the interest that accrues each month to make progress.
What is APR and where do I find it?
APR stands for Annual Percentage Rate. For credit cards it is the yearly interest rate charged on any balance you carry. You can find your APR on your monthly statement, in your card's terms and conditions, or in your online account under "account details."
How can I reduce total interest paid?
Increasing your monthly payment is the most direct way. Even an extra $50 per month can save hundreds in interest and cut months off the payoff timeline. You can also look into a balance transfer to a lower-rate card, or a personal loan at a lower interest rate to consolidate the debt.
How do I share my payoff scenario?
Click "Share with my numbers" to copy a URL that encodes your balance, APR, and payment. Anyone opening that link will see the same scenario pre-filled.