WiseCalcs

Credit card payoff calculator

Enter your card balance, the APR, and the fixed amount you pay each month. The calculator shows how many months it takes to clear the balance, the total you pay, and the total interest as you type.

Use it to find how long a fixed monthly payment takes to pay off a credit card balance, plus the total amount paid and how much of that is interest.

USD
%
USD

Months to pay off

32

Balance Interest
Total interest
$1,313.60
Total paid
$6,313.60

The result updates as you type. The bar splits the total paid into the original balance and the interest you pay on top.

How does it work?

The monthly payment must be larger than the first month's interest; otherwise the balance never shrinks and is never repaid. When the rate is 0%, the number of months is simply the balance divided by the monthly payment.

Credit card payoff formula

n=−ln⁡ ⁣(1−rBP)ln⁡(1+r)n = \frac{-\ln\!\left(1 - \frac{rB}{P}\right)}{\ln(1+r)}
n
Number of months to pay off the balance.
B
Current card balance.
P
Fixed monthly payment.
r
Monthly interest rate (APR ÷ 100 ÷ 12).

A 5,000 balance at 18% APR paid off at 200 per month takes about 32 months, with roughly 1,313.54 in interest.

Method & sources

You pay the same fixed amount every month until the balance is gone. The APR is constant for the whole payoff period and you supply it yourself; the calculator does not look up card rates. No new purchases, cash advances, or fees are added to the balance.

Sources

Where this method comes from — use these references to understand the formula, assumptions, and limits.

How we calculate

  • You pay the same fixed amount every month until the balance is gone.
  • The APR is constant for the whole payoff period and you supply it yourself; the calculator does not look up card rates.
  • No new purchases, cash advances, or fees are added to the balance.
  • The monthly payment must exceed the first month's interest, or the balance would never be repaid.
  • The currency shown follows the site language; the payoff math is the same in every market.

Rounding

The number of months is rounded up to the next whole month, since payments are made monthly. Money totals are rounded to two decimals for display. The calculation uses full precision.

What this calculator does

A credit card balance shrinks when your fixed monthly payment is larger than the interest charged that month. This calculator works the amortization in reverse: given a balance, an APR, and a fixed payment, it finds how many months it takes to reach a zero balance, then shows the total you pay and how much of it is interest.

How to use it

  1. Enter the current card balance.
  2. Enter the APR (the annual rate) as a percentage.
  3. Enter the fixed amount you pay each month.
  4. Read the months to pay off, total paid, and total interest below.

A worked example

A 5,000 balance at 18% APR paid off at 200 per month takes about 32 months. Over that time you pay back about 6,313.54, of which roughly 1,313.54 is interest.

Why the payment has to cover interest

Each month interest is added to the balance first, then your payment is applied. If the payment is smaller than that month's interest, the balance grows instead of shrinking and is never repaid. The payment must exceed the first month's interest for a payoff to exist.

Common mistakes

  • Entering a monthly rate where an APR is expected. Use the annual figure; the calculator divides by 12.
  • Assuming the total paid equals the balance. The total paid is the balance plus all the interest charged along the way.
  • Adding new purchases. This calculator assumes nothing new is charged to the card.

When it's useful

Planning to clear a card with a steady payment, comparing how a bigger payment shortens the payoff, or seeing the true interest cost of carrying a balance.

FAQ

How is the number of months calculated?
It uses the standard payoff formula: minus the natural log of (1 minus the monthly rate times the balance divided by the payment), divided by the natural log of (1 plus the monthly rate). The monthly rate is the APR divided by 12. The result is rounded up to a whole month.
What does total interest mean?
It is the total amount you pay minus the balance you started with. It is the cost of carrying the balance until it is repaid.
What happens at a 0% APR?
With no interest, the number of months is simply the balance divided by the monthly payment, and the total interest is zero.
Why does my payment have to be larger than the interest?
Interest is charged on the balance each month. If your payment is smaller than that interest, the balance never goes down, so there is no payoff. The calculator requires a payment that exceeds the first month's interest.
Does this include fees or new purchases?
No. The calculator assumes a fixed payment against a fixed balance with no new purchases, cash advances, or fees added along the way.
Which currency does it use?
The currency follows the site language. The payoff math is identical in every market.

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<iframe src="https://wisecalcs.com/embed/en/credit-card-payoff-calculator" width="100%" height="520" style="border:0" loading="lazy"></iframe> <p>Calculator from <a href="https://wisecalcs.com/en/finance/credit-card-payoff-calculator">WiseCalcs</a></p>