Credit card payoff calculator

Find your debt-free date and what the interest will cost you.

Formula Finance

Months to pay off

Total interest: US$1,859.78
Total paid: US$6,859.78

Total6,860

Balance: 5,00072.9%
Total interest: 1,86027.1%

How it works

Each month interest is added at the APR divided by 12, then your payment is taken off. The last payment is smaller, just enough to clear what is left.

The result assumes you make no new purchases and that the rate stays the same. Card issuers often charge interest daily and set minimum payments as a percentage of the balance, so their figures may differ slightly.

Formula

r = APR ÷ 12 ÷ 100
Months = −ln(1 − B × r ÷ P) ÷ ln(1 + r), rounded up
Payment for n months = B × r ÷ (1 − (1 + r)^−n)

Worked example

A balance of 5,000 at 22.9% APR paid off at 200 a month takes 35 months and costs 1,859.78 in interest. To clear it in 24 months you would pay 261.62 a month, 1,278.84 in interest.

Questions people ask

Why does paying only the minimum take so long?

Minimum payments are set just above the monthly interest, so very little goes to the balance. A slightly higher fixed payment shortens the time dramatically.

Is a balance transfer worth it?

It can be if the fee is lower than the interest saved. Run this calculator at the new rate, adding the transfer fee to the balance.