How to use this calculator
- Enter your current card balance and APR.
- Add your planned monthly payment and any extra payment.
- Compare the base plan with extra-payment scenarios.
- Use the payoff date and interest saved to adjust your repayment plan.
#174 · Finance Tool
Credit Card Payoff Calculator
Estimate how long it will take to pay off a credit card balance and how much interest you can save with extra payments.
Calculator
Credit card payoff inputs$
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What the result means
Estimate how long it will take to pay off a credit card balance and how much interest you can save with extra payments. The result is an estimate for planning and comparison. It does not replace professional financial advice.
FAQ
How is credit card interest calculated?
This calculator estimates the result from the values you enter. Adjust the assumptions to compare scenarios before making decisions.
What happens if my payment is too low?
This calculator estimates the result from the values you enter. Adjust the assumptions to compare scenarios before making decisions.
Does an extra payment reduce interest?
This calculator estimates the result from the values you enter. Adjust the assumptions to compare scenarios before making decisions.
Is APR the same as monthly interest?
This calculator estimates the result from the values you enter. Adjust the assumptions to compare scenarios before making decisions.
Should I pay more than the minimum?
This calculator estimates the result from the values you enter. Adjust the assumptions to compare scenarios before making decisions.