Credit Card Calculator
Estimate credit card repayment using balance, interest, and payment inputs. Compare scenarios and check assumptions against your account terms.
Credit Card Payoff Calculator
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| Interest Rate (%) | |
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Choose a payoff question
Enter your current balance and interest rate. Select whether you want to model a fixed payment or a payoff timeframe, then enter the requested value and select Calculate. Compare the estimated time and total interest before changing one input and running another scenario.
A simplified first-month example
With a $1,000 balance and an 18% annual rate, a simplified monthly rate is 18% divided by 12, or 1.5%. That gives about $15 of interest for the first month. A $100 payment would then reduce the balance by about $85. This illustration assumes no fees or new purchases and does not reproduce a card statement.
Why your statement can differ
Many card issuers calculate interest daily from account balances. Your agreement explains the applicable rates, timing, grace periods, and fees. See the CFPB’s explanation of credit card interest. Use the issuer’s figures to check an actual bill.
Compare a payment you can maintain
Try two payment amounts and record the estimated payoff time for each. Include all required payments when reviewing your household budget. Changes in rates, fees, purchases, and payment dates can alter the outcome. This calculator is an illustration, not a credit offer or personalized debt recommendation.