Credit Lab
Credit card payoff calculator
Enter your card balance, interest rate and monthly payment to see when you'll be debt-free and how much interest you'll pay. Then add a little extra each month to see how much sooner you'd finish.
Assumes no new purchases or fees. Interest is estimated each month as your APR ÷ 12; most card issuers use a daily balance, so real totals differ slightly.
Debt-free in
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Enter your balance, APR and monthly payment.
Educational estimate. Your card's terms, fees and minimum payment rules decide the real numbers.
How this calculator works
- Each month, interest is added (APR ÷ 12 × balance), then your payment is subtracted.
- This repeats until the balance reaches $0. The total interest is everything added along the way.
- If your payment is less than the monthly interest, the balance never goes down. The calculator will tell you the amount you need to pay to make progress.
- It assumes no new purchases or fees. Most issuers calculate interest on your daily balance, so real totals differ slightly.
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are often only slightly more than the monthly interest, so most of each payment goes to interest instead of the balance. Even a small extra amount goes straight to the balance.
How is credit card interest calculated?
Most issuers apply a daily rate (APR ÷ 365) to your average daily balance. This calculator uses a monthly estimate (APR ÷ 12), which is close for planning.
Should I pay off cards or build savings first?
It depends on your situation. Many people keep a small emergency fund while paying down high-interest cards. A nonprofit credit counselor can help you weigh the options for free or at low cost.
Will paying off my card raise my credit score?
Lower reported balances lower your credit utilization, which is part of most scores, but the effect depends on your whole credit file. No score change is guaranteed.
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Get My Credit PlanFor education only, not financial advice. Calculations run in your browser and your numbers aren't saved or sent anywhere.