Credit Card Payoff Calculator

Calculating...

How the Calculator Works

Enter your current balance, annual interest rate (APR), and monthly payment amount.

Our tool estimates your payoff time and total interest cost using standard credit card formulas.

It also lets you test extra payments to see how quickly your balance disappears.

Formula & Explanation

Credit cards typically charge compound interest daily, but for simplicity this calculator assumes monthly compounding:

Months to Payoff = [ –ln(1 – (P × (1 – (1 + i)^n) / (B × i)) ] / ln(1 + i)

Simplified in the tool to show practical payoff time and interest cost.

Example Calculation

Balance: $5,000
APR: 18%
Payment: $150/month
→ Payoff in ~42 months
→ Total interest ≈ $1,250

Add $50 more → Payoff in 32 months, saving $350 interest.

How to Use This Tool

  1. Enter card balance, APR, and monthly payment.
  2. Click Calculate to see payoff time & interest.
  3. Add an extra payment to test faster payoff.
  4. Repeat for multiple cards if consolidating debt.

Features & Benefits

  • Shows payoff time and total interest
  • Tests extra payments or balance transfers
  • Visual debt-free timeline
  • Works for multiple cards
  • Free & mobile-friendly

FAQs

Q1: Should I pay the highest APR card first?

A1: Yes — that's called the "avalanche method."

Q2: Is it better to pay weekly?

A2: Paying more often slightly reduces interest.

Q3: Can I compare two cards?

A3: Yes — use the Loan Comparison Calculator.

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