Credit card payoff calculator
Estimate payoff time and interest for a fixed card balance, constant APR, and monthly payment. No new spending is assumed.
Your assumptions
How the calculation works
Interest_m = Balance_(m−1) × APR / 12; Payment_m = min(payment, balance + interest)Each month, interest is added to the balance and the payment is deducted. The final payment is capped at the amount owed. This monthly-rate approximation differs from cards that accrue interest using average daily balances. No purchases, fees, penalties, promotional-rate changes, or minimum-payment formulas are included.
Questions, answered.
Why does a small payment produce an error?
If the payment does not cover the first month’s interest, the balance will not decrease under this model. Increase the payment or reconsider the inputs.
Does this match my statement exactly?
Usually not. Actual cards can use daily accrual, statement-cycle rules, different APRs for different transactions, and issuer-specific payment allocation.
Can I add more spending?
This calculator assumes no new spending. Additional purchases or fees would change both the balance and payoff time.
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