Stop adding new charges while you pay a card down. If you have several cards, the avalanche (highest APR first) saves the most interest; the snowball (smallest balance first) gives quick wins.
How to use the Credit Card Payoff Calculator
- Credit card balance
- APR
- Monthly payment
- Target payoff time
- 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, your monthly payment and a target payoff time.
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 |
|---|---|
| Credit card balance | Amount in your currency |
| APR | In % |
| Monthly payment | Amount in your currency |
| Target payoff time | In months |
| First payment date | A date |
What each result means
- Payoff date = addmonths([First payment date], [Months to pay off] – 1)
- Total interest = [Monthly payment]×[Months to pay off] – [Credit card balance]
- Total paid = [Monthly payment]×[Months to pay off]
- Payment needed for the target = pmt([APR]÷1200, [Target payoff time], [Credit card balance])
- Minimum to stop the balance growing = [Credit card balance]×[APR]÷1200
Example values
How the main result changes when Credit card balance changes and everything else stays at the example values above:
| Credit card balance | Months to pay off |
|---|---|
| 4,000 | 19 |
| 6,000 | 32 |
| 8,000 | 50 |
| 10,000 | 77 |
| 12,000 | 133 |
Formula
Months = −log(1 − B × i ÷ P) ÷ log(1 + i), i = APR ÷ 12Payment for target = pmt(i, target months, B)If the payment ≤ monthly interest, the balance never fallsWorked example
Inputs — Credit card balance: $8,000; APR: 23 %; Monthly payment: $250; Target payoff time: 24 months; First payment date: 2026-11-24.
Results — Months to pay off = 50; Payoff date = Tue, December 24, 2030; Total interest = $4,512.21; Total paid = $12,512.21; Payment needed for the target = $418.99; Minimum to stop the balance growing = $153.33.
Frequently asked questions
How can I pay off credit card debt faster?
Pay more than the minimum, use a 0% balance transfer and stop new charges.
Is it better to pay off one card at a time?
Pay minimums on all and put extra on one (highest APR or smallest balance).
How do I pay off $10,000 in credit card debt?
At 23% APR, about $525 a month clears it in 2 years.
What formula does the Credit Card Payoff Calculator use?
Months = −log(1 − B × i ÷ P) ÷ log(1 + i), i = APR ÷ 12.