How to use the Credit Card Payoff Calculator
- Enter the current balance and the card's APR from your statement.
- Type the amount you plan to pay each month.
- See the payoff time and total interest, plus the payment needed to hit your goal date.
How it works
Card interest accrues monthly at APR ÷ 12 on the remaining balance. Each month the calculator adds interest, then subtracts your payment,
until the balance reaches zero. The payment needed for a target date uses the loan payment formula B × r ÷ (1 − (1 + r)−n).
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are often only interest plus 1% of the balance, so most of the payment goes to interest and the balance falls very slowly.
Avalanche or snowball?
The avalanche method pays the highest-APR card first and saves the most interest. The snowball method pays the smallest balance first for quick wins. Both work if you stay consistent.
Does a balance transfer help?
A 0% intro APR transfer can save a lot of interest if you pay the balance off before the promo ends. Watch for transfer fees, typically 3%–5%.