Credit Card Payoff Calculator
Credit Card Payoff Calculator is a free finance tool that runs directly in your browser with no account required.
About this tool
This tool projects how long it will take to pay off a credit card balance given your APR and your issuer's minimum-payment rules, then shows what an extra monthly payment does to that timeline. It compares your plan against paying only the minimum, reporting interest saved and months saved, and it computes the fixed payment needed to hit a target payoff date. The month-by-month projection can be downloaded as a CSV.
How to use
- Enter your Card balance and the card's APR %.
- Set Minimum payment % and Minimum payment floor to match your card's statement rules.
- Add an Extra monthly payment and, if you have a deadline, set Target payoff months.
- Compare payoff time, total interest, and interest saved, then use Download payoff CSV for the monthly detail.
Frequently asked questions
How is the minimum payment modeled?
Each month the minimum is the largest of: the balance times your minimum payment percentage, the dollar floor, or the month's interest plus the floor. This mirrors how most issuers keep minimums from falling below interest charges.
How is interest calculated?
Interest accrues monthly at APR divided by 12 on the current balance. This is a close approximation of daily-balance methods but will not match your statement to the penny.
What does the "Needed for target" figure mean?
It is the fixed monthly payment required to clear the current balance in exactly your Target payoff months, computed with the standard amortization formula.
Why do I get an error saying the payment is too low?
If the combined minimum and extra payment does not cover more than that month's interest, the balance never shrinks. The tool also stops if payoff would take longer than 50 years.
Does my balance or APR leave my device?
No. The projection runs entirely client-side in your browser; nothing is stored or transmitted.
Are the results exact?
They are estimates for planning. New purchases, fees, promotional rates, and your issuer's exact interest method will shift real-world numbers, and this is not financial advice.