About the Credit Card Payoff Calculator
See how long it takes to clear a credit card balance and how much interest you will pay. This tool is free, works in your browser and needs no sign-up.
How to use the Credit Card Payoff Calculator
Enter your balance, the card APR and the fixed amount you pay each month. Paying more each month cuts the time and the interest.
Formula used
Months = −ln(1 − B × r ÷ P) ÷ ln(1 + r), where B is the balance, r is the monthly rate and P is the monthly payment.
Example
With Card balance 5000, APR (% per year) 19.99, Monthly payment 200, the calculator shows: Time to pay off = 2 years 9 months; Total interest = 1,520.62; Total paid = 6,520.62.
Frequently asked questions
Is the Credit Card Payoff Calculator free to use?
Yes. It is completely free and you can use it as many times as you like.
How accurate is the Credit Card Payoff Calculator?
The calculator uses standard formulas, so the maths is exact. Real life results can differ because of fees, taxes, rounding or personal factors, so treat the answer as an estimate.
Do you store the numbers I enter?
No. All calculations run in your browser. The values you type are not sent to our server.
Disclaimer: results are estimates for information only. They are not financial, medical or professional advice.