Credit card payoff calculator
Enter what you owe, the card rate and what you pay each month: a fixed amount, or the minimum asked by the bank.
Result
25Months to pay it all
- That is 2 years and 1 months
- First payment
- 150.00
- Interest cost
- 675.39
- Total paid
- 3,675.39
Inputs
- Card balance
- 3000
- Rate per year (APR)
- 19.9
- Each month I pay
- A fixed amount
- Monthly payment
- 150
How it is calculated
Each month: interest = balance × rate ÷ 12, added to the balance; then the payment is taken off.
Result
Months to pay it all
- First payment
- 150.00
- Interest cost
- 675.39
- Total paid
- 3,675.39
How it is calculated
- Each month: interest = balance × rate ÷ 12, added to the balance; then the payment is taken off.
- Minimum payment = the larger of “share of balance” and the floor, never more than what is left.
- If the payment does not cover the month’s interest, the debt never goes down: this is flagged.
Example
3,000 at 19.9%, paying 150 a month: 25 months and 675.39 of interest. With the minimum (3%, at least 25): 141 months and 2,971.56 of interest.
Good to know
- No new purchases while you repay.
- Fixed rate; annual and late fees not included.
- The real minimum depends on your card agreement.
Frequently asked questions
What is this tool used for?
Enter what you owe, the card rate and what you pay each month: a fixed amount, or the minimum asked by the bank.
How is the result calculated?
Each month: interest = balance × rate ÷ 12, added to the balance; then the payment is taken off.
What should I check before using the result?
No new purchases while you repay.