Credit Card Payoff Calculator
Card payoff time and interest from APR and payment.
What it does
Credit card interest compounds monthly on the unpaid balance. Minimum payments stretch the balance for years because most of each dollar feeds interest first. A fixed payment above the minimum reverses the flow: each month interest shrinks and principal share grows.
The tool above amortizes one frozen balance. With $3,000 at 18% and $100 a month, payoff takes 41 months (3y 5m), totaling $4,015.49 with $1,015.49 interest. The same balance at 24% with $75 takes 26 months and $434.81 interest on $1,500, showing how rate and payment size jointly set the cost.
The viability test is simple: payment must top first month interest, balance times monthly rate. At $3,000 and 18% that bar is $45, so $100 clears while $40 never would. At 0% the math collapses to balance over payment with no interest at all.
This page assumes no new purchases, fees, or rate changes. Real cards add all three, so treat the result as the cost of freezing the card and paying steadily.
How to use
- Enter the current card balance.
- Enter the nominal APR percent.
- Enter the fixed monthly payment.
- Check that payment tops monthly interest.
- Read months first, then total paid.
- Read interest and compare against minimums.
Formula
- balance
- Starting card balance in dollars, frozen during payoff.
- r
- Monthly rate as a decimal from nominal APR.
- payment
- Fixed dollars paid each month until cleared.
Fixed payment amortization with no new charges. At payment at or below first month interest there is no payoff. At zero APR months are balance over payment exactly.
Worked example
Example: $3,000 at 18% with $100 a month
Defaults: $3,000 at 18% with $100 fixed monthly payments and no new purchases.
- Inputs: $3,000 balance, 18% APR, $100 a month, no new charges.
- Monthly rate: 0.18 / 12 is 0.015. Payment tops monthly interest of $45.
- Amortize month by month with interest added then payment cut.
- Clears in 41 months (3y 5m).
- Total paid is $4,015.49 with $1,015.49 interest. Tool shows the same.
Reference table
| Balance and terms | Time | Total |
|---|---|---|
| $3,000 18% $100 | 41 months | $4,015.49 |
| $1,500 24% $75 | 26 months | $1,934.81 |
| $5,000 20% $200 | 33 months | $6,522.10 |
| $1,200 0% $100 | 12 months | $1,200.00 |
| $2,000 15% $150 | 15 months | $2,201.71 |
Limits
- Frozen balance only. New charges restart the math.
- Fixed payment assumed. Variable payments differ.
- Nominal APR with monthly compounding. Daily accrual differs slightly.
- No fees or penalties. Late fees add months.
Common mistakes
- Paying the minimum and ignoring the horizon.
- Choosing a payment below monthly interest.
- Adding new purchases while counting payoff months.
- Comparing APRs without comparing payment sizes.
- Forgetting fees that dwarf the last payments.
Try it yourself
Quick checks. Answers sit tucked under each question.
$1,500 at 24% with $75 a month?
Simulated 26 months (2y 2m) totaling $1,934.81 with $434.81 interest.
$5,000 at 20% with $200 a month?
Simulated 33 months (2y 9m) totaling $6,522.10 with $1,522.10 interest.
Questions
How is payoff figured?
Simulate: add monthly interest, subtract payment, repeat to zero. Here 41 months with $1,015.49 interest.
What is the minimum viable payment?
Below or equal to monthly interest the balance never falls. Here interest starts at $45, so $100 works and $40 fails.
What happens at 0% APR?
At 0% months are balance / payment. A $1,200 balance at $100 is 12 months with no interest.
Do extra payments help a lot?
Yes. Extra cuts months and interest faster than the same total spread thin.
Minimums versus fixed payments?
Minimums stretch years and multiply interest. Fixed payments above minimum shorten both.
Does this include new purchases?
No. New charges, fees, and rate changes restart the math. This assumes a frozen balance.