Credit Card Payoff Calculator (USD)
Plan your debt-free date in one clear summary
Quick payoff FAQs
What does this calculator show?
It shows either how many months your payment will take to clear your balance, or what monthly payment you need to be debt-free in a chosen number of months.
Why can a small extra payment save so much?
Extra principal cuts the balance sooner, which reduces interest in every later month. That compounding effect shortens your timeline.
What if my payment is too low?
If your payment does not at least cover the interest, the balance grows (negative amortization). The tool flags this so you can adjust.
Does this include fees or new purchases?
No. It models a closed balance. Extra fees or spending will extend your payoff time.
How to read and use your payoff summary
1. One box, one payoff story
The summary box is designed to match your other finance tools: a single place to see your debt-free timeline or required payment, total dollars paid, and total interest. No clutter, no extra panels.
2. Start with the real balance and APR
Use today’s statement balance and the card’s APR. If the APR feels high, test how much faster you’d be done by slightly raising your payment instead of waiting for a perfect rate.
3. Choose your mode
In “Use my monthly payment”, you plug in what you can afford and see how many months it will take. In “Use target months”, you start with a goal (for example 12 or 24 months) and see the payment needed. Switch between them to find a plan that is both realistic and effective.
4. Look at total interest, not just months
The summary shows interest separately so you can see what carrying the balance costs. A slightly higher payment that cuts dozens of months usually saves a meaningful amount of interest.
5. Minimum payment comparison
If you enter a minimum percent and floor, the calculator runs a simple baseline and shows how many months and how much interest you’d burn by only paying minimums. Use this to motivate a fixed payment above the minimum, even if the extra is small.
6. Keep it practical
Set a payment you can stick to every month. Automate it, avoid new charges on that card, and re-run the numbers if your balance or rate changes. Consistency beats heroic one-off payments.
Formula snapshot
1. Monthly rate: r = APR ÷ 12 ÷ 100.
2. Months from fixed payment (PMT, with PMT > r·Balance):
n = ln(PMT / (PMT − r·Balance)) ÷ ln(1 + r).
3. Payment for target n months (n > 0, r > 0):
PMT = Balance · r · (1 + r)n ÷ ((1 + r)n − 1).
4. If r = 0:
Months = Balance ÷ PMT, or PMT = Balance ÷ n.
5. Total interest = Total paid − Balance.