Picking a payoff deadline turns a vague goal into a fixed monthly amount. Compare it with what you’d pay over 36 months – the figure the CARD Act requires on your statement.
How to use the Credit Card Payment Calculator
- Balance
- APR
- Pay off in
- Or: monthly payment to check
- First payment date
Results update as you type, and every field accepts the units shown in its menu.
How it works
Enter the balance, APR and the number of months you want to be debt-free in – or a payment to see how long it takes.
Tips
- Compare loans by APR and total cost, not just the monthly payment.
- Extra payments go straight to principal and can save a lot of interest.
- Pay off the highest-rate debt first if you want to save the most money.
- Check for prepayment penalties before paying a loan off early.
Common mistakes to avoid
- Stretching a loan term to lower the payment without seeing the extra interest.
- Paying only the minimum on credit cards.
- Forgetting fees that are rolled into the loan.
Inputs explained
| Field | What to enter |
|---|---|
| Balance | Amount in your currency |
| APR | In % |
| Pay off in | In months |
| Or: monthly payment to check | Amount in your currency |
| First payment date | A date |
What each result means
- Monthly payment needed = pmt([APR]÷1200, [Pay off in], [Balance])
- Total interest = [Monthly payment needed]×[Pay off in] – [Balance]
- Payment to pay off in 36 months = pmt([APR]÷1200, 36, [Balance])
- Months with the payment to check = nper([APR]÷1200, [Or: monthly payment to check], [Balance])
- Payoff date with that payment = addmonths([First payment date], [Months with the payment to check] – 1)
- Interest with that payment = [Or: monthly payment to check]×[Months with the payment to check] – [Balance]
Example values
How the main result changes when Balance changes and everything else stays at the example values above:
| Balance | Monthly payment needed |
|---|---|
| 2,000 | 102.77 |
| 3,000 | 154.16 |
| 4,000 | 205.54 |
| 5,000 | 256.93 |
| 6,000 | 308.31 |
| 8,000 | 411.09 |
Formula
Payment for n months = B × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12Months for a payment = nper(i, payment, B)Worked example
Inputs — Balance: $4,000; APR: 21 %; Pay off in: 24 months; Or: monthly payment to check: $150; First payment date: 2026-11-24.
Results — Monthly payment needed = $205.54; Total interest = $933.02; Payment to pay off in 36 months = $150.70; Months with the payment to check = 36; Payoff date with that payment = Wed, October 24, 2029; Interest with that payment = $1,435.08.
Frequently asked questions
How much should I pay on my credit card each month?
Ideally the full balance; otherwise enough to clear it on a deadline you choose.
What happens if I pay only the interest?
The balance never falls.
Does paying twice a month help?
Yes – it lowers the average daily balance and the interest.
What formula does the Credit Card Payment Calculator use?
Payment for n months = B × i ÷ (1 − (1 + i)^−n), i = APR ÷ 12.