Credit Card Payoff Calculator
See how long it takes to clear a credit card and the interest you pay, with minimum payments, a fixed amount, a target date or a 0% balance transfer.
Reviewed by Dany, RightSums team · Updated
Runs in your browser. Free, no sign-up.
personal-finance · Daily life · UK & US
Enter what you owe, the APR and how you plan to pay: a fixed amount each month, only the minimum, or enough to clear the card by a date you pick. Add your card's minimum payment formula, such as 1% of the balance plus interest with a floor, to compare it with a fixed payment and with clearing the card in 36 months. The calculator shows the months to pay off, total interest, total paid and a month-by-month table. It also shows what paying a little more would save, and whether a 0% balance transfer with a fee would cost less. Interest is worked out as APR divided by 12 each month; card providers charge daily, so your statements will differ slightly. It is an estimate, not financial advice.
Accepted inputs
- Balance owed
- APR or interest rate (% a year)
- Payment approach: fixed amount, minimum only, or clear by a date
- Minimum payment formula: % of balance, plus interest, floor amount
- Balance transfer fee, 0% months and APR after (optional)
Outputs
- Months to pay off
- Total interest
- Total paid
- Monthly payment needed to clear by a date
- Minimum payments compared with a fixed payment and a 36-month plan
- Interest saved by paying more each month
- Balance transfer cost and saving
- Month-by-month payment, interest and balance table
How to use the Credit Card Payoff Calculator
- Enter the balance on your card and its APR, which you can find on your statement.
- Choose a fixed monthly payment, the minimum payment only, or a month by which you want the card cleared.
- Add your card's minimum payment formula and, if you like, a 0% balance transfer offer to compare.
- Read the time to pay off, the total interest and the month-by-month table, then see what paying more would save.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on the balance, the APR and what you pay. A £5,000 or $5,000 balance at 24% APR with £200 or $200 a month takes 36 months and costs £2,000.56 in interest, assuming no new spending. Paying £50 more a month clears it in 26 months and saves £551.20.
How much interest will I pay if I only make the minimum payment?
Far more. On £5,000 at 24% APR with a minimum of 1% of the balance plus interest, and at least £25, the first payment is £151.00 and it takes 19 years 3 months to clear, with £8,723.27 in interest. In the first 18 months you pay £1,652.11 in interest but only £842.58 off the balance.
How is credit card interest calculated each month?
This calculator divides the APR by 12 and charges it on the balance each month. At 24% APR that is 2% a month, so £5,000 attracts £100 of interest in the first month. Card providers usually work interest out daily and some compound differently, so your statement can differ by a few pounds or dollars.
What monthly payment would clear my credit card in 3 years?
For $5,000 at 24% APR you need $196.17 a month for 36 months, paying $2,061.82 in interest. To clear it in 24 months instead, pay $264.36 a month and the interest falls to $1,344.50. US statements must show the 36-month payment when minimum payments would take longer than 3 years.
Is a 0% balance transfer worth the fee?
Often, if you keep paying. Moving £5,000 to a card with a 3% fee (£150) and 12 months at 0%, then 24% APR, and paying £200 a month clears it in 29 months. Interest plus the fee comes to £648.25, which is £1,352.31 less than staying on a 24% card. New spending or a missed payment can end the deal.
Sources
The rates and rules in this tool come from:
Guides that use this tool
Terms explained
- Debt avalanche method: The debt avalanche pays the minimum on every debt and puts all spare money on the debt with the highest interest rate first.
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