Credit card payoff calculator
Find out how long it takes to pay off a card and how much interest an extra payment saves.
Extra payment scenarios
| Extra | Time to payoff | Total interest |
|---|---|---|
| Payment only | 4 yr 6 mo | $3,022 |
| +$50 | 2 yr 11 mo | $1,860 |
| +$100 | 2 yr 2 mo | $1,358 |
| +$200 | 1 yr 5 mo | $894 |
How it works
Each month, interest equals your balance times the APR divided by 12. Your payment covers that interest first, and the rest reduces the balance. The calculator repeats this until the balance reaches zero.
Assumes a fixed APR, no new purchases, and no fees. Your card’s real statement may differ slightly.
Example
With the sample inputs shown above (Card balance ($) = 5000; APR (%) = 22.9; Monthly payment ($) = 150; Extra monthly payment ($) = 100), the calculator returns: Debt-free in: 2 yr 2 mo; Total interest: $1,358 (Total paid $6,358); Interest saved: $1,664 (2 yr 4 mo sooner).
Things to know
Run the calculator with your real statement balance, APR, and a payment you can keep up every month. Then try adding $25, $50, and $100 to see how each step changes your payoff date and interest. If the tool says the card is never paid off, your payment is lower than the monthly interest.