Credit Card Payoff Calculator
Estimate when a credit card balance reaches zero with a fixed monthly payment and no new purchases. Compare larger payments using a simplified monthly-interest model.
Months to debt-free
Estimated payoff: June 2029 (starting this month)
Fixed APR and payment; no new charges or fees. Interest applied monthly; actual cards often use daily balances. Minimum payments often change with your balance; enter a fixed payment you can sustain.
Compare monthly payments
Same balance and APR, no new purchases or fees. The final payment can be smaller.
| Monthly payment | Months | Interest | Interest saved |
|---|---|---|---|
| $200.00 | 32 | $1,313.96 | $0.00 |
| $250.00 | 24 | $989.13 | $324.83 |
| $300.00 | 20 | $797.17 | $516.79 |
| $400.00 | 14 | $578.63 | $735.34 |
Formula checked · NumberSwift · Review process
For informational purposes only. Results are estimates and do not constitute financial advice.
How this calculator works
Use the balance and annual rate for the debt you want to clear, then enter a fixed payment. The estimate assumes no new purchases. Multiple rate buckets, daily interest, promotional periods and changing minimum payments are not modelled. Check your statement for the actual terms and any fees.
Formula
balance next month = balance × (1 + APR / 12) − payment
Assumptions & limitations
Fixed APR and payment; no new charges or fees. Interest applied monthly; actual cards often use daily balances. Minimum payments often change with your balance; enter a fixed payment you can sustain.
Sources & reference material
- CFPB: credit card interest ↗
Actual statements can use daily balances; this tool uses a simplified monthly model.
Worked example
A statement balance of $1,200 at 24% APR begins with about $24 interest in this monthly model. A fixed $100 payment reduces it to $1,124 after the first month: $1,200 × 1.02 − $100. This assumes no new purchases, fees or promotional-rate changes.
For another balance with a fixed rate and payment, the Debt Payoff Calculator uses the same monthly model without the card-specific statement guidance.
Our approach to calculations ↗Common questions
Are the comparison payments minimum payments?
No. They compare your fixed payment with fixed payments $50, $100 and $200 higher in the displayed currency. Issuer minimum formulas are not inferred.
Does the model include new purchases?
No. Additional spending, fees, promotional rates and multiple interest-rate balances change the result.
Why does my statement differ?
Many cards apply interest to daily balances. This simplified comparison adds APR/12 interest monthly before applying each payment.