Toolstia / Credit card payoff calculator
Credit card payoff calculator
Card interest is high, so small payments can take years. Enter your balance, the APR and a monthly payment to see the months to pay off and the interest. Or enter a number of months to find the payment you need.
Enter the balance and rate, then a payment or a number of months.
This assumes you make no new purchases and the rate does not change. Paying more than the minimum shortens the time and cuts the interest a great deal.
How it works
- Enter the balance and the APR.
- Choose a fixed payment or a target number of months.
- Read the months, payment and total interest.
How it works
Each month interest is added at the APR divided by 12, then your payment is taken off. The balance falls slowly at first, because most of an early payment pays interest.
Payment too small
If your payment is not more than the first month's interest, the balance never falls. The tool tells you the interest amount so you can pay more.
Target date
Choose the months option to see the fixed payment that clears the balance in that time, with the total interest it costs.
Assumptions
The tool assumes no new spending, no fees and a fixed rate. Real cards may have minimum payment rules and rate changes.
Questions
What is the best way to pay off a card?
Pay as much as you can above the minimum. Paying the highest-rate card first saves most interest.
Does it work for other debts?
Yes, for any debt charged monthly interest.
Is anything uploaded?
No. Your numbers stays in your browser and is never sent anywhere.