Credit Card Payoff Calculator
The Credit Card Payoff Calculator simulates your balance month by month based on your APR and fixed monthly payment, showing exactly how many months until you're debt-free and how much interest you'll pay.
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How This Tool Works
Enter your current balance, APR, and how much you plan to pay each month to see your payoff timeline and total interest cost.
Formula & Method
Each month, interest is added to the balance at APR ÷ 12, then your payment is subtracted. This repeats until the balance reaches zero, summing total interest paid along the way.
Example Calculation
A $5,000 balance at 22% APR with $200/month payments takes about 30 months to pay off, with roughly $1,050 in total interest.
Frequently Asked Questions
Why does my payment need to be higher than the interest charge?+
If your payment doesn't exceed the monthly interest charge, your balance will never decrease — it will actually grow over time.
Does this account for new purchases?+
No, this calculator assumes no new charges are added while you pay down the balance. New purchases will extend your payoff timeline.
Would paying more each month help?+
Yes — even a modest increase in your monthly payment can significantly cut both your payoff time and total interest paid. Try increasing the payment amount to see the difference.
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