Credit card payoff calculator
A credit card payoff calculator turns three numbers - balance, APR, and monthly payment - into two answers: how many months until the balance is clear, and how much interest you pay to get there. The gap between paying a fixed amount and paying only the minimum is usually measured in years, not months.
Free, no sign-up, nothing leaves your browser. Change any number and the whole cycle recalculates.
How the number is worked out
Interest is applied with the average daily balance method: the APR is divided into a daily periodic rate, that rate is charged against each day's balance, and the daily amounts are summed across the cycle.
The minimum payment follows the greater-of rule most issuers use - a percentage of the balance or a flat floor, whichever is larger - so it shrinks as the balance falls, which is what stretches the payoff.
When the minimum no longer covers the interest, the balance never reaches zero. That is negative amortization, and the calculator reports it rather than printing a fake month count.
Common questions
How long will it take to pay off $5,000 in credit card debt?
At 24.99% APR, paying $200.00 a month clears $5,000.00 in 3 years and costs $2,135.18 in interest. Paying only the minimum on the same balance never clears it, because the minimum barely covers the interest charged each month.
Does paying twice a month pay off a credit card faster?
Slightly, and for a specific reason: interest is calculated on each day's balance, so money that arrives earlier in the cycle reduces more daily balances. The effect is real but small - the amount you pay matters far more than the timing of it.
Is it better to pay off the highest APR or the smallest balance first?
Highest APR first - the avalanche method - always costs less in total interest. Smallest balance first, the snowball, costs more but clears individual cards sooner, which some people find easier to sustain. The gap is usually modest, and a plan you actually finish beats an optimal one you abandon.