Free calculator
Credit Card Payoff Calculator
This calculator estimates how many months a card balance needs and how much interest it accumulates, using the balance, APR, and payment you enter.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
Enter your numbers and press Calculate. Nothing you type leaves your browser.
The lowest rates are only available to the most qualified applicants.
Advertising disclosure: Loancalculated may receive a referral fee if you apply through the link above. That fee does not change the rate you are offered, and it does not change our content. We are not a lender. Read the full disclosure.
How this calculator works
Cards charge interest on any balance you carry, and the minimum due is usually a small slice of that balance. Paying only the minimum can stretch a debt over years.
For each month the tool:
- Adds interest = balance × annual rate ÷ 1,200.
- Sets the payment to the larger of 2% of the balance or a $25 floor, capped at the balance.
- Reduces the balance by the payment minus interest.
If the payment is below the interest charge, the balance climbs and the tool reports that the debt never clears.
Issuers set their own minimum-payment formulas, so use the percentage and floor from your card agreement.