Credit Card Payoff Calculator
Enter your balance, APR, and monthly payment to see your debt-free date and total interest paid.
Debt-Free Date
June 2029
2 yr 11 mo (35 payments)
Total Interest
$2,000.00
Total Paid
$7,000.00
Balance Over Time
How Credit Card Payoff Is Calculated
This credit card payoff calculator simulates your monthly balance reduction based on your current balance, APR, and fixed monthly payment. Each month, interest is calculated as (Balance × APR / 12), then your payment reduces the balance by (Payment − Interest). The simulation continues until the balance reaches zero.
The chart shows your remaining balance over time — the steeper the decline, the faster you're paying down debt. A nearly flat line early in the chart is a sign that your payment is barely covering interest, and increasing your monthly payment even modestly will dramatically change the trajectory.
Credit card interest compounds monthly using your average daily balance. While this calculator uses a simplified monthly model, it produces results that closely match actual credit card statements. The actual amount may vary slightly based on billing cycles and exact daily balances.
For multiple credit cards, consider using the Debt Avalanche Calculator (highest APR first, minimizes interest) or the Debt Snowball Calculator (smallest balance first, maximizes motivation). These tools model paying down multiple cards simultaneously with an extra monthly payment amount.