Credit Card Payoff Calculator
Enter your credit card balance, annual percentage rate (APR), and a monthly payment (minimum or a chosen fixed amount). This calculator will estimate how long it takes to pay off the balance and how much total interest you’ll pay. Optionally, you can view the month-by-month breakdown.
| Month # | Payment | Interest | Principal | Remaining Balance |
|---|
About Our Free Credit Card Payoff Calculator
Our Credit Card Payoff Calculator shows how long it will take to fully pay down your credit card balance based on your monthly payment and annual APR, and also estimates the total interest paid. You can view a monthly breakdown in the amortization schedule to see exactly how each payment is split between interest and principal.
How It Works (Simplified):
- 1. Monthly interest rate = (APR / 100) / 12.
- 2. Each month:
- Interest = current balance × monthly rate.
- Principal = payment − interest.
- New balance = old balance − principal.
- 3. This continues until the balance is zero (or less).
If your payment is too low to cover the monthly interest, the balance won’t decrease. In that case, the calculator shows infinite months or fails to produce a payoff schedule. You can embed this calculator using the iframe code above, or explore other finance tools at Apex Calculator.