Credit Card Payoff Calculator
Example: $5,000 at 20% APR: $150/month = 44 months, $1,570 interest
Find out when you will be debt-free and how much interest you will pay. Enter your balance, APR, and monthly payment to see your payoff timeline and the effect of increasing your monthly payment.
Principal paid vs interest paid over time
Months to Payoff
Total Interest
Debt-Free Date
Total Amount Paid
How We Calculate This
This calculator uses monthly compounding (APR ÷ 12) and assumes consistent monthly payments. It calculates the amortization schedule until the balance reaches zero.
Methodology last reviewed: February 2024. How SparkCalc works
Sources: U.S. CFPB: What is a daily periodic rate on a credit card?
Frequently Asked Questions
Why does paying extra save so much money?
Extra payments go directly to principal, reducing the balance that accrues interest. Even $25-50 extra per month can save hundreds or thousands in interest and pay off debt months or years faster.
Should I pay off highest interest or lowest balance first?
Mathematically, highest interest first (avalanche method) saves the most money. Psychologically, lowest balance first (snowball method) provides quick wins. Choose what keeps you motivated.
What if I can only make the minimum payment?
Minimum payments are designed to keep you in debt longer. Even paying $10-20 extra helps. Consider a balance transfer card with 0% intro APR to reduce interest while paying down principal.
How is credit card interest calculated?
Most cards use daily compounding. Your APR is divided by 365 to get a daily rate, then applied to your average daily balance. This means interest compounds on interest.
Related Calculators
You might also find these calculators helpful: Debt Payoff Calculator, and Loan Comparison Calculator.
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This calculator provides estimates only. Actual results may vary. Consult a qualified financial advisor before making financial decisions.