DIY Cost Tools
Credit Card Payoff Calculator
FINANCIAL CALCULATOR
Estimate payoff time, total interest, and total payments for a fixed credit card payment with no new charges.
How it works
Each simulated month adds interest at APR ÷ 12 and then subtracts your fixed payment. The final payment is reduced to the exact remaining balance plus interest.
Formula
Monthly rate = APR ÷ 12
New balance = prior balance + monthly interest − payment
Example
For a $5,000 balance at 21% APR with a $200 fixed monthly payment, the calculator steps through each month until the estimated balance reaches zero.
Important limits
- This is an estimate and assumes no new purchases, fees, penalty rates, or APR changes.
- Real issuers may use average daily balance, daily periodic rates, and statement-specific rounding.
- Do not treat this calculator as financial advice or an issuer payoff quote.
Frequently asked questions
Why must payment exceed monthly interest?
If it does not, the balance will not decline under these assumptions.
Will paying more save interest?
Usually yes, because more principal is removed earlier and less balance remains to accrue interest.
Sources and review notes
The Consumer Financial Protection Bureau provides consumer information about credit cards, statements, and interest. Review your card agreement for the actual calculation method. Last reviewed September 30, 2026.