How is the payoff time calculated?

By applying the monthly interest to the balance, subtracting your payment, and repeating until the balance is zero.

Does this assume I stop spending on the card?

Yes. New purchases would add to the balance.

What is the fastest way to reduce interest?

Pay more than the minimum each month, and target the highest-rate balance first.

Credit Card Payoff Calculator

Enter your balance, interest rate and monthly payment to see when you'll be debt-free, or pick a target date to see the payment you'll need.

Card Details

Card balance

APR (% per year)

Monthly payment

See how long a fixed monthly payment takes to clear a credit card balance, or the payment required to reach a payoff target — with total interest in both cases.

Formula

Fixed payment: months = −ln(1 − r·B÷P) ÷ ln(1+r). Target months: payment = B × r × (1+r)^n ÷ ((1+r)^n − 1), with r = APR ÷ 12 ÷ 100.

Reference Values

•Payment must exceed the monthly interest
•Assumes no new spending
•Higher APRs drastically extend payoff time

FAQ

Common questions about Credit Card Payoff Calculator

How we calculate this

We use the standard published formula for this calculation, and we show the working so you can check it.

Spotted a mistake? Tell us and we'll check it within a few days. See how we check our calculators.

Financial disclaimer

Results are estimates based on the numbers you enter. Real products have fees, rate changes and rules this tool does not model. Check figures with your lender or a qualified adviser before you decide.