Credit Card Payoff Calculator
Months to pay off, total interest, and total paid for a fixed monthly payment.
What is a credit card payoff calculator?
A credit card payoff calculator works out how long it will take to pay off a credit card balance with a fixed monthly payment, and how much interest you will pay in total.
How to use the credit card payoff calculator
Enter your card balance, the annual interest rate and the monthly payment you plan to make, then click Calculate. The calculator shows the number of months to pay it off, the total interest and the total paid.
Credit card payoff formula
Each month, interest is added to the balance first (balance × annual rate ÷ 12), then your payment is applied. The calculator repeats this month by month until the balance reaches $0.
Example
A $5,000 balance at 18% per year, paid at $200 per month, takes 32 months to pay off. Total interest is $1,313.96 and the total paid is $6,313.96.
Frequently Asked Questions
How long will it take to pay off $5,000 at 18% paying $200 a month?
It will take 32 months. Try it on the calculator above.
How much interest will I pay on $5,000 at 18% paying $200 a month?
You will pay $1,313.96 in interest, for a total paid of $6,313.96.
What if my payment is too low to cover the interest?
If the monthly payment does not cover the interest added each month, the balance never goes down. Increase the payment so it is more than the monthly interest.
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