Credit Card Payoff Calculator
See how long it takes to clear your credit card balance and exactly how much interest you will pay. Enter your balance, APR and monthly payment.
About This Tool
Calculates how long it will take to pay off a credit card balance and the total interest you will pay. Adjust your monthly payment to see how even a small increase dramatically reduces payoff time and interest paid.
Anyone with credit card debt wanting to understand the true cost and create a payoff plan. Particularly useful for those paying minimum payments who want to see the impact of increasing their monthly payment.
All calculations happen in your browser. No financial data is transmitted or stored anywhere.
How credit-card payoff is estimated
Each month the calculator applies one month of interest to the remaining balance and then subtracts your payment. It repeats that process until the balance reaches zero. The result is an estimate because real statements can use daily interest, fees and changing rates.
Worked example
On a £4,000 balance at 24% APR, paying £120 a month takes roughly 56 months and produces about £2,658 of interest. Paying £200 a month reduces the estimate to roughly 26 months and about £1,159 of interest.
Use the result safely
- Keep making at least the contractual minimum payment.
- Check whether promotional rates or fees will change.
- If you are missing payments, seek free debt advice rather than relying only on a calculator.
Independent UK money guidance is available from MoneyHelper.