SavingsTools

Credit card payoff calculator

Estimate how long a fixed monthly payment takes to clear your card and how much to pay to meet a target.

Your card balance and goal

Use the annual percentage rate for the balance you want to repay. Cash advances and purchases can have different rates.
Enter the fixed amount you expect to pay each month. This tool does not estimate a card issuer’s changing minimum payment.
Choose the number of months you want to take to pay off the current balance.

Your estimate

Months at your monthly payment 26
Estimated payoff month
Jan 2029
Interest at your monthly payment
$1,159.51
Monthly payment to meet target
$266.81
View monthly payoff schedule
MonthPaymentInterestBalance
1$200.00$80.00$3,880.00
2$200.00$77.60$3,757.60
3$200.00$75.15$3,632.75
4$200.00$72.66$3,505.41
5$200.00$70.11$3,375.52
6$200.00$67.51$3,243.03
7$200.00$64.86$3,107.89
8$200.00$62.16$2,970.05
9$200.00$59.40$2,829.45
10$200.00$56.59$2,686.04
11$200.00$53.72$2,539.76
12$200.00$50.80$2,390.56
13$200.00$47.81$2,238.37
14$200.00$44.77$2,083.14
15$200.00$41.66$1,924.80
16$200.00$38.50$1,763.30
17$200.00$35.27$1,598.57
18$200.00$31.97$1,430.54
19$200.00$28.61$1,259.15
20$200.00$25.18$1,084.33
21$200.00$21.69$906.02
22$200.00$18.12$724.14
23$200.00$14.48$538.62
24$200.00$10.77$349.39
25$200.00$6.99$156.38
26$159.51$3.13$0.00

Assumes a single fixed APR, monthly interest, and a first payment next month. Excludes new charges and fees.

How to compare a card payment with your target

Worked example

A $4,000 balance at 24% APR takes about 26 months and $1,159.51 in interest at $200 per month. Paying it off in 18 months takes $266.81 per month in this estimate.

The monthly estimate charges one-twelfth of your APR on the balance, rounds interest to cents, and then applies the payment. The target result finds the smallest payment in cents that clears the balance by the month you enter.

Many card issuers calculate interest daily. Your actual payoff can vary with statement dates, multiple rates, new purchases or fees. Check your statement for the required minimum payment.

Sources

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