Credit Card Calculator

Modify the values and click the Calculate button to use

Enter a monthly payment to estimate the payoff time.

Payoff: 5 years 1.54 months

You will need to pay $200.00 every month for 5 years 1.54 months to payoff the debt.

Time Required to Clear Debt: 5.13 years
Total Payments: $12,308.61
Total Interest: $4,308.61
Payoff Date: Jan 2032

65% Principal35% Interest

Amortization schedule

Year	Date	Interest	Principal	Ending balance
1	Nov 2027	$1,356.70	$1,043.30	$6,956.70
2	Nov 2028	$1,152.62	$1,247.38	$5,709.32
3	Nov 2029	$908.60	$1,491.40	$4,217.92
4	Nov 2030	$616.86	$1,783.14	$2,434.78
5	Nov 2031	$268.05	$2,131.95	$302.83
6	Jan 2032	$5.78	$302.83	$0.00

Balance, interest, and payments over time

Balance
Interest
Payments

What this credit card calculator does

This calculator estimates how a credit card balance is paid off under two approaches:

Fixed Payment: enter a monthly payment and see how long the balance will take to pay off.
Fixed Term: enter a payoff term and see the required monthly payment.

It uses monthly compounding with the APR divided by 12. It does not model average daily balance, annual fees, late fees, cash advance fees, or balance transfer fees.

How to use this calculator

Fixed Payment

Enter the current balance.
Enter the card's APR.
Enter the monthly payment you plan to make.
Click Calculate to see the payoff time and total interest.

Fixed Term

Enter the current balance.
Enter the card's APR.
Enter the payoff term in years.
Click Calculate to see the required monthly payment.

Credit card payoff formulas

For a fixed payoff term:

M = P × r × (1 + r)^n / ((1 + r)^n − 1)

P is the balance, r is the monthly interest rate (APR / 12), and n is the number of monthly payments.

For a fixed monthly payment:

n = -ln(1 - P × r / M) / ln(1 + r)

The monthly payment must be greater than the monthly interest, or the balance will not decrease.

What the results include

Payoff time: how long the balance will take to clear.
Monthly payment: the required payment for a fixed term.
Total payments: the sum of all payments.
Total interest: the cost of carrying the balance.
Payoff date: the month of the final payment.
Amortization schedule: monthly and annual views, plus a balance chart.

Frequently asked questions

Is the APR the same as the monthly interest rate?

No. The monthly rate used here is the APR divided by 12. Credit card issuers may calculate interest using a daily periodic rate and average daily balance, which can produce slightly different results.

Does this calculator include credit card fees?

No. Annual fees, late fees, cash advance fees, balance transfer fees, and other charges are not included.

What happens if my payment is too low?

If the monthly payment is less than the monthly interest, the balance will not decrease. The calculator stops and asks for a larger payment.

Source

Reference: Consumer Financial Protection Bureau — Credit Cards.

Disclaimer

This calculator is for informational and planning purposes only. It is not financial advice or a guarantee of payoff terms. Confirm your APR, fees, and payment allocation rules with your card issuer.

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