Credit Card Payoff
Calculator
Results
- Months to debt-free
- 12
- Total interest
- $103.04
Credit card payoff schedule
| 1 | 100.00 | 16.67 | 916.67 |
| 2 | 100.00 | 15.28 | 831.94 |
| 3 | 100.00 | 13.87 | 745.81 |
| 4 | 100.00 | 12.43 | 658.24 |
| 5 | 100.00 | 10.97 | 569.21 |
| 6 | 100.00 | 9.49 | 478.70 |
| 7 | 100.00 | 7.98 | 386.68 |
| 8 | 100.00 | 6.44 | 293.12 |
| 9 | 100.00 | 4.89 | 198.01 |
| 10 | 100.00 | 3.30 | 101.31 |
| 11 | 100.00 | 1.69 | 2.99 |
| 12 | 3.04 | 0.05 | 0.00 |
Formula
Bₙ₊₁ = Bₙ × (1 + APR ÷ 12) − P- balance
- 1000.00
- APR
- 0.2
- payment
- 100.00
= 12
More in Financial
See all →Frequently asked questions
How does the calculator determine how long payoff will take?+
It applies your monthly payment against the balance, deducts interest charged on the remaining balance each period at your card's APR, and repeats until the balance reaches zero, showing the number of months and total interest paid.
Why does paying only the minimum take so long to clear the balance?+
Minimum payments are usually set as a small percentage of the balance, so as the balance shrinks the required payment shrinks too, meaning a large share of every payment goes to interest for a long stretch before principal drops meaningfully.
How much does raising my monthly payment actually save?+
Even a modest increase can cut both the payoff time and total interest substantially, because more of each payment attacks principal sooner, which in turn reduces the interest charged in every subsequent month.
Does the order I pay off multiple cards matter?+
Yes. Paying extra toward the highest-APR card first while making minimums on the rest minimizes total interest paid, though some people prefer paying off the smallest balance first for psychological momentum, which costs slightly more in interest.
What if my payment doesn't even cover the monthly interest?+
If your payment is lower than the interest accruing each month, the balance will grow indefinitely rather than shrink, and the calculator will flag this since there is no payoff date mathematically possible under those terms.