Using the Credit Card Payoff Calculator
Estimate a credit card payoff timeline
Enter your card balance, annual interest rate, and a fixed monthly payment. The calculator estimates payoff time, total interest, and total paid if you stop adding purchases and the rate stays the same.
Why paying more can reduce interest
Interest accrues while a balance remains. A larger payment can reduce the balance faster, which may reduce the time interest has to accumulate. Use the calculator to compare fixed payment amounts and choose a plan that fits your budget while keeping required minimum payments current.
What this estimate does not model
Card issuers may calculate interest using daily balances, variable rates, promotional periods, fees, and changing minimum payments. This tool assumes a fixed rate and payment, no new purchases, and no fees. Check your card agreement and statement for the actual terms.
Frequently asked questions
Does it assume I keep using the card?
No. It assumes no new purchases or cash advances are added.
What if my payment is too low?
If the payment does not exceed the estimated monthly interest, the calculator reports that the payment is too low to pay down the balance under its assumptions.
Is this the issuer’s official payoff estimate?
No. Issuers may use different interest and minimum payment methods. Check your statement or contact the card issuer for account-specific information.
Related tools: browse all free money calculators, or see how My Clear Money builds and explains its estimates.