Credit card calculator
Credit Card Payoff Calculator
Estimate payoff time and interest cost for a credit card balance using your APR, monthly payment, and any extra you can add.
How this calculator works
The calculator applies monthly interest based on the APR you enter, then subtracts the listed monthly payment plus any extra payment amount. It repeats until the balance hits zero.
The formula
monthly interest = balance × APR / 12
new balance = balance + monthly interest − (listed payment + extra payment)
Worked example
On a $6,200 balance at 24.99% APR with a $190 listed payment, month one looks like this: interest = $6,200 × 0.2499 / 12 = $129.12; new balance = $6,200 + $129.12 − $190 = $6,139.12. Add $75 extra and you're paying $265 a month instead of $190 — that extra $75 slashes months off the timeline and hundreds off the interest. Toggle the extra field to see the difference.
Why minimum payments are a trap
Credit card minimums are usually 1% to 3% of the balance plus interest and fees. They are designed to keep the account current, not to clear the debt. On a $6,200 balance at 24.99% APR with a typical ~$190 minimum, paying only the minimum can stretch payoff beyond a decade and cost more in interest than the original purchases. Anything you pay above the minimum attacks principal directly — and that's where real progress happens.
How extra payments compound your savings
Credit card interest is charged on the remaining balance, so every extra dollar reduces all future interest on that dollar. On a high-APR card this effect is dramatic: $75 extra a month at 25% APR is effectively like earning a guaranteed, tax-free 25% return, because it eliminates interest you would otherwise pay. Use the extra-payment field to find the amount that fits your budget, then lock it into autopay.
Related tools & guides
- General debt tool: the Debt Payoff Calculator.
- Understand the math: How credit card interest works.
- Paying only the required amount? Read Credit card minimum payment trap.
- Strategy for multiple cards: Debt snowball vs. avalanche.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on balance, APR, and monthly payment. This calculator compounds monthly and subtracts your payment until the balance reaches zero — enter your numbers to see.
What is a credit card APR?
The yearly interest rate on unpaid balances. The calculator divides it by 12 for the monthly rate.
How do minimum payments work?
Usually a small percentage (1-3%) of balance plus interest and fees. Paying only the minimum stretches payoff over years and multiplies interest.
Will paying extra every month really help?
Yes. Extra payments cut principal, which cuts all future interest on that principal. On a high-APR card this saves hundreds and years.
Should I use the avalanche or snowball method?
Avalanche (highest APR first) saves the most interest; snowball (smallest balance first) gives faster wins. Use this tool per card, then order them.
Important note
Credit card statements may use a daily balance method, fees, changing minimum payments, promotional APRs, or penalty APRs. This tool is a simplified educational estimate. This page is not credit, lending, financial, tax, legal, or accounting advice. See our disclaimer.