Credit Card Payoff Calculator
Revolving balance payoff
Enter balance, APR, and repayment plan
Result
Calculation summary
Enter values to see the result
Payoff preview
Estimated remaining balance
- Modeled monthly payment
- $300.00
- Estimated total interest
- $3,285.62
- Estimated payoff time
- 38 months
How to use this calculator
- 1Enter the current balance and the APR that applies to it.
- 2Choose a fixed monthly payment or a target number of months to pay off the balance.
- 3Calculate to review payoff time, total interest, and a three-year payment comparison.
Formula
Monthly interest estimate = balance × APR ÷ 12
Each modeled payment covers estimated monthly interest first and then reduces principal. Target mode solves the fixed payment needed over the selected months.
Calculation steps
- Convert the entered APR to a monthly planning rate.
- Determine the entered payment or solve for the target payment.
- Subtract estimated interest and apply the remainder to the balance.
- Repeat until the balance reaches zero or detect a payment that cannot reduce principal.
- Compare the plan with the estimated payment needed for a 36-month payoff.
Worked example
An 8,000 balance at 22.9% APR with a 300 monthly payment takes roughly three years to repay when no new charges or fees are added.
Assumptions
- The estimate uses one balance and one APR divided into monthly periods.
- No new purchases, fees, missed payments, promotional rates, or rate changes occur.
- Actual issuers may calculate interest daily and apply payments differently.
- The calculator is not a statement payoff quote or debt-management recommendation.
Sources
Frequently asked questions
Why might my statement interest differ?
Many issuers calculate interest daily, use average daily balances, charge fees, or apply different APRs to different balance categories.
What happens if the payment is lower than monthly interest?
The modeled balance cannot decline, so the calculator reports that the plan is non-amortizing instead of showing a false payoff date.
Does the calculation include future purchases?
No. It assumes no new purchases, cash advances, balance transfers, or fees.
What is the three-year payment?
It is an estimated fixed monthly amount that would repay the current modeled balance in 36 months under the calculator assumptions.