Find out exactly how long it will take to clear your credit card, how much interest you will pay, and how small extra payments can dramatically speed up your payoff date.
Enter your credit card details above to see a clear payoff plan and understand how interest affects your total cost.
This free online Credit Card Payoff Calculator helps you see the true cost of carrying a balance and gives you a realistic date for becoming debt-free. It works with any currency and in any countryyou just enter your own numbers.
Type the current amount you owe on your credit card, including any recent purchases that are already on the statement.
Enter the annual interest rate (APR) printed on your statement and the amount you plan to pay every month.
If you can pay a bit more than the minimum each month, enter that as an extra payment to see how much time and interest you can save.
Credit cards usually charge interest every day on your outstanding balance. The higher your APR and the lower your payment, the longer you stay in debt and the more interest you pay. This calculator uses your balance, APR, and monthly payment to simulate how your balance shrinks month after month.
If your monthly payment is too small to even cover the interest, the balance will not go down at all. The tool checks for this and warns you if your payment is unrealistically low so that you can adjust your plan.
Imagine you owe 50,000 at 24% APR. If you only pay 3,000 every month, it may take several years to clear the balance and the total interest paid can be extremely high. Adding just 500 more each month can significantly reduce the payoff period and the total cost.
Use this calculator to compare different payment scenarios side by side. You can run it once with no extra payment, then again with an extra amount, and see how your payoff date moves closer.
Yes. The mathematics of interest and payments are the same everywhere. You can enter amounts in any currency; just be consistent across all fields.
If your monthly payment is less than or equal to the monthly interest, the card will never be paid off. The calculator will show a warning so that you can test a higher payment amount.
No. This is an educational tool that illustrates how interest and payments interact. For personalized advice, talk to a licensed financial professional in your region.
