Credit Card Payoff Calculator
Monthly amortization simulation ยท By Stuart Mathieson · Updated October 2026
Enter your current credit card balance
Your credit card's APR
Your planned monthly payment
Additional amount to pay each month
Results
Payoff Time
Total Paid
Total Interest
Results are estimates for illustration only and are not financial advice. Consult a qualified financial professional before making financial decisions.
How the credit card payoff calculator works
The calculator steps through your balance one month at a time. Each month it adds interest at your APR ÷ 12, then subtracts your payment plus any extra payment. It repeats this until the balance reaches zero, counting the months and the interest charged along the way.
If your payment doesn't cover the first month's interest, the balance would never fall, so the calculator asks for a higher payment. It also stops at 100 years.
Worked example
A $5,000 balance at 22% APR, paying $150 a month:
- The first month's interest is $5,000 × 22 ÷ 12 ÷ 100 = $91.67, so only $58.33 of the first payment reduces the balance.
- The balance is paid off in 4 years 4 months (52 payments).
- You pay $7,798.05 in total, including $2,798.05 of interest.
- Adding $50 a month extra pays it off in 2 years 10 months and cuts the interest to $1,749.88 - 18 months sooner and $1,048.17 less.
How your payment changes the payoff
For the same $5,000 balance at 22% APR:
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $100 | 11 years 5 months | $8,678.06 |
| $150 | 4 years 4 months | $2,798.05 |
| $200 | 2 years 10 months | $1,749.88 |
| $300 | 1 year 9 months | $1,021.60 |
| $500 | 1 year | $574.44 |
At $100 a month, the interest ends up costing more than the original balance. Doubling the payment to $200 cuts the interest by about 80%.
Things to keep in mind
- Minimum payments. Card minimums are usually a small percentage of the balance, so they shrink as the balance shrinks and stretch repayment out for years. In the US, your statement must show how long paying only the minimum would take, and how much you would need to pay each month to clear the balance in three years.
- New purchases. The calculation assumes you stop using the card. New spending adds to the balance and to the time it takes to pay off.
- How issuers charge interest. Many cards charge interest on your average daily balance, so real interest can differ slightly from this month-by-month estimate.
- Rate changes. Promotional 0% periods, penalty rates and variable APRs all change the result - run the numbers again when your rate changes.
- Several cards. Putting any extra money toward the card with the highest APR first (the "avalanche" method) keeps your total interest as low as possible.
Frequently asked questions
What if my payment doesn't cover the interest?
The calculator will flag this - if your payment is at or below the interest charged that first month, the balance would never shrink, so you'll need to increase your payment amount.
What counts as "extra payment"?
Any amount you pay beyond your regular minimum or planned payment. It goes straight toward the principal, speeding up payoff and cutting total interest.
Does this handle promotional or variable interest rates?
No - it assumes one constant APR for the entire payoff period. If your rate changes (e.g. a promo rate expires), re-run the calculator with the new rate and remaining balance.
How can I pay off my credit card faster?
Pay more than the minimum, stop adding new charges, and if you have several cards put any extra toward the one with the highest APR. For a $5,000 balance at 22%, raising the payment from $150 to $200 a month clears it 18 months sooner and saves $1,048.17 in interest.
Sources
- A box on my credit card bill says that I will pay off the balance in three years if I pay a certain amount. What does that mean? - Consumer Financial Protection Bureau