The most useful experiment is the extra-payment field: add $50 or $100 a month and watch the payoff date move forward by years. The tool also models the minimum-payment path so you can see the difference in black and white. If you are juggling several cards, run each balance here and then prioritise the highest APR first.
Calculator
Formula used
Interest each month = balance × APR ÷ 12 · Payoff months = solved from payment, balance and monthly rate
How to use the Credit Card Payoff Calculator
- Enter the balance shown on your statement.
- Type the APR from your card agreement.
- Set the monthly payment you can afford.
- Add any extra you could pay on top.
- Compare the three scenarios and pick the plan you can stick to.
About this tool
The Credit Card Payoff Calculator is built for speed and accuracy: every calculation runs in your browser, so your data never leaves your device and the result updates as you type. It works equally well on a phone, a tablet or a desktop, and it is free to use as many times as you like.
Common use cases
- Testing how much an extra $100 a month saves.
- Seeing the true cost of paying only the minimum.
- Planning an avalanche or snowball debt strategy.
- Deciding between a 0% balance transfer and paying down.
Tips for the best result
- Use the latest figures you have - even a small change in rate or term can shift the outcome by hundreds.
- For annual figures, divide by 12 to get a monthly number you can compare with the result.
- Bookmark this page and revisit the calculation as the inputs change.
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are usually 2% of the balance, which barely covers monthly interest at a 20%+ APR, so the principal shrinks very slowly.
Does a balance transfer change the result?
Yes. Enter the promotional APR for the promotional period, then re-run with the standard APR to see the cost after the offer ends.
Should I pay off the highest or lowest balance first?
Mathematically, the highest APR saves the most money (avalanche). The smallest balance first (snowball) can be easier to stick with because you clear accounts faster.
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