Credit Card Payoff Calculator

Plan your credit card debt payoff strategy

Balance

APR (%)

Payment Mode

Minimum Payment (%)

Extra Monthly Payment

Tips

Pay more than the minimum to avoid paying interest forever.

Consider balance transfer cards with 0% intro APR.

Automate payments to avoid late fees and credit score damage.

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What is this tool?

The Credit Card Payoff Calculator simulates different repayment scenarios to help you eliminate credit card debt. Enter your balance, APR, and payment method (minimum percentage or fixed amount). Compare how extra payments drastically reduce total interest and payoff time.

How to use

1
Enter card details
Input your current balance, APR, and minimum payment percentage.
2
Choose payment mode
Select minimum percentage or fixed amount payment, and add any extra monthly payment.
3
View payoff plan
See months to payoff, total interest paid, and a scenario comparison chart.

Frequently Asked Questions

Why does minimum payment take so long?

Minimum payments are designed to keep you in debt. At 18% APR with $10,000 balance and 5% minimum, it takes 100+ months and costs $4,000+ in interest. Paying extra even $200/month cuts this dramatically.

Should I use balance transfer?

Balance transfers with 0% intro APR can save significant interest if you can repay within the promo period. Just watch for transfer fees (typically 3-5%) and the regular rate that kicks in after the promo.

Does the calculator include compound interest?

Yes, it uses monthly compounding: each month it applies the APR divided by 12 to the current balance, and the payoff schedule and total interest are built from those monthly steps.

How is the monthly payment calculated?

The simulation runs month by month. Each month it first adds interest: the APR divided by 12 applied to the current balance. Then your payment is deducted: in minimum-percent mode it is the entered percentage of the balance (at least 10 dollars), in fixed mode it is the amount you enter, plus any extra payment. The schedule continues until the balance reaches zero, and a plan whose payment never covers the interest is flagged as unpayable.

How do credit card interest charges work?

Most cards charge interest on the average daily balance at a daily rate = APR/365. With a $2,000 balance at 24% APR, a 30-day month adds about 2000 × 0.24/365 × 30 ≈ $39.40. Paying the full statement balance usually keeps the grace period (no interest on new purchases); paying only the minimum keeps interest compounding for years.