💸 Credit Card Payoff Calculator
Setting a payoff date turns a vague wish into a concrete monthly number. Instead of asking how long a payment takes, this calculator asks when you want to be done and works backwards.
Enter the balance, APR and your target number of months. You get the fixed monthly payment that clears the card on schedule, plus the total interest that plan costs.
How to use this calculator
Enter your balance, APR and the number of months you want to be debt-free to get the exact fixed monthly payment that hits your target.
- Type the Card balance you want to eliminate.
- Enter the APR on the card.
- Set how many months you give yourself to finish.
- Press Calculate to see the required monthly payment and total interest.
Frequently asked questions
What does this calculator tell me?
The fixed monthly payment that pays the balance to zero in exactly your chosen number of months, plus the total interest that plan costs and the total amount paid.
How is the payment calculated?
With the standard amortizing payment formula using your APR divided by twelve and your target month count, the same maths as a fixed loan.
Can you walk through an example?
Clearing a $5,000 balance at 18% APR within 24 months needs about $249.62 a month, and the total interest is roughly $991.
What happens if I pay less than this amount?
You would miss your target date and pay more interest overall, which is why the required payment is the minimum that meets the deadline.