How the credit card payoff calculator works
Enter your balance, APR and monthly payment. The calculator steps through the balance one month at a time — adding that month’s interest, subtracting your payment — until it reaches zero, and totals the interest along the way. Or enter a goal in months and it works out the payment needed.
The formula
Each month the balance grows by balance × APR/12 and falls by the payment, until it reaches zero. If the payment is not more than the monthly interest, the balance never goes down.
The calculator assumes no new purchases and a fixed payment. If your payment does not cover the monthly interest, it will tell you the balance will never be paid off.
Frequently asked questions
Why does it say my card will never be paid off?
Your payment is less than or equal to the interest charged each month, so the balance does not shrink. Raise the payment above balance × APR ÷ 12.
How do I find the payment to be debt-free by a certain date?
Enter the number of months in the payoff goal field. The calculator works out the monthly payment that clears the balance in that time.
Does this include new purchases?
No. It assumes you stop using the card. New charges will lengthen the payoff.
What is the fastest way to pay off a card?
Pay more than the minimum every month. Even a small increase cuts months off the payoff and reduces the total interest — try it in the calculator.
Results are estimates for planning, not financial advice. Last reviewed 2026-09-28.