Credit card payoff calculator
Enter the balance and APR, then either the amount you pay each month or the deadline you want, to see the payoff time, the payment and the interest.
Paid off in
2 yr 10 mo
$1,922.55 of interest over 34 payments of $200.00
How to use it
- Enter the balance and the purchase APR from your statement.
- Choose whether you're working from a fixed monthly payment or from a date you want to be done by.
- Enter the payment, or the number of months. Read the payoff time or the required payment, and the interest either way.
- Try a slightly higher payment. On a high-APR card, an extra $50 a month often cuts the interest by more than it adds to the payment.
Worked example
A $4,800 balance at 24.99% APR, paying $200 a month.
First month’s interest is $4,800 × 24.99% ÷ 12 = $99.96, so only $100.04 of the first payment reduces the balance. It takes 34 months to clear, and the interest comes to $1,922.55.
To be done in 12 months instead, the payment has to be $456.19 a month, and the interest falls to $674.27.
How this is calculated
Credit card interest is charged monthly on the balance you still owe, at the APR divided by twelve. Each payment first covers that month's interest and only the rest reduces the balance, so a payment that's close to the interest barely moves it. The calculator runs the balance month by month with cent rounding, the way the card issuer does, until it reaches zero, trimming the last payment to what's left. In deadline mode it finds the level payment that clears the balance in exactly the number of months you set. It assumes no new charges, which is the assumption you have to make true for any of this to work.
monthly interest = balance × APR ÷ 12
each month: balance = balance + interest − payment, with the final payment trimmed to what’s owed
months to pay off = the number of months until the balance reaches zero
payment for a deadline = balance × r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1), where r is the APR ÷ 12 and n is the number of months
Rates, sources and limits
Assumes no new charges and a fixed APR. Card issuers compute interest daily, so real statements can differ by a few cents. Not financial advice.
Last reviewed 23 Sep 2026 by the CalcRabbit team. Estimates only, not financial, tax or medical advice.
Frequently asked questions
Why does the minimum payment take so long?
Card minimums are typically 1% to 2% of the balance plus that month's interest, which is designed to keep the account open for years. On a $4,800 balance at 24.99%, a 2%-plus-interest minimum starts around $196 and shrinks as the balance falls, stretching the payoff well past a decade. A fixed payment that doesn't shrink is the single biggest improvement.
Is the interest calculated exactly like my card?
Close. Most issuers use an average daily balance with a daily rate, which comes out within a few cents of the monthly method used here when there are no new purchases. The difference over a payoff is negligible; the payment amount is what matters.
Should I pay off the highest APR or the smallest balance first?
Highest APR first (the avalanche) costs the least in interest. Smallest balance first (the snowball) clears accounts sooner and keeps people motivated. Both work if you keep paying; pick the one you'll stick to.
What about a 0% balance transfer?
A transfer with a 3% to 5% fee and a 12 to 21 month 0% period usually beats paying 25% interest, provided you pay it down during the promotional period. Run deadline mode with the months of the promotion to see the payment you'd need to finish before the rate jumps.