Calculyn

Credit Card Payoff Calculator

Find the monthly payment needed to clear your credit card by a target date.

$
%
mo

Results update as you type.

Pay each month

$314/ month
Total interest
$1,535
Total paid
$7,535
  • Balance80%
  • Interest20%
Pay each month$314

Loan results are estimates and not financial advice. Your lender's terms, fees and rate determine your real payments.

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How it works

Credit card interest compounds monthly at APR ÷ 12. This calculator finds the fixed payment that clears the balance by your chosen date, assuming no new purchases.

Formula

M = B × r ÷ (1 − (1 + r)⁻ⁿ)

Example

A $6,000 balance at 22.9% APR needs about $315 a month to be paid off in 24 months.

Assumptions & limitations

  • Fixed rate and on-time payments.
  • Excludes origination fees, late fees and penalties unless entered.

Frequently asked questions

Should I only pay the minimum?

Minimum payments can stretch a balance over many years and multiply the interest you pay. Paying a fixed higher amount is almost always cheaper.