Credit Card Payoff Calculator and Interest Savings

This Credit Card Payoff Calculator shows your months to debt-free, total interest, and the savings from small monthly top-ups. In the first mode, enter a fixed monthly payment to see how long it will take to clear your balance. In the second mode, pick a target timeline and we’ll compute the payment required. Results use monthly compounding and show a clean summary plus a compact snapshot of key months. You can also export a full month-by-month payoff schedule as CSV for spreadsheets.

For reliable results, use your actual current balance and the card’s APR. If your issuer lists a daily periodic rate, multiply by 365 to estimate APR. Fixed payments are powerful because they prevent your payment from shrinking as the balance falls, which reduces interest drag. Try adding a small extra principal each month—rounding up by 20–100 in your currency often cuts several months and a surprising amount of interest.

• Negative amortization warning: if your payment is less than the monthly interest, the balance grows and payoff is impossible—raise the payment or lower the rate.
• Balance transfer idea: moving to a temporary 0% promo can slash interest, but watch transfer fees and promo end dates.
• Emergency buffer: keep a small cash cushion so you can sustain fixed payments without missing due dates.

The comparison boxes help you contrast a disciplined fixed payment against a typical minimum payment path (for example, 1–3% of the balance with a small floor). Minimums shrink as the balance declines, which extends the timeline and increases total interest. Use the toggles to test realistic minimum settings from your statement and see how many months and how much interest you could save by fixing your payment and adding a modest extra.

Treat this tool as an educational planner. Actual outcomes can vary with fees, statement timing, and issuer rules. Re-run the plan whenever your balance, APR, or payment changes.

Strategy tips: automate the payment above the minimum right after payday, direct windfalls (refunds, bonuses) to principal, and avoid new purchases on the payoff card. If you hold multiple debts, consider the avalanche approach (focus extra on the highest APR) or the snowball (smallest balance first for motivation). Combine this calculator with a budget so the payment you choose is sustainable for several months in a row—consistency beats intensity.

Let r be APR÷12, PV the balance, PMT the monthly payment, and n months. With monthly compounding, months to payoff for a fixed payment (when PMT > r·PV) is n = ln(PMT/(PMT − r·PV)) / ln(1+r); if r=0, n = PV/PMT. Payment for a target n is PMT = PV·r·(1+r)^n / ((1+r)^n − 1); if r=0, PMT = PV/n. Minimum payment paths are simulated month-by-month as the percentage applies to the declining balance with a floor.