PFCHow to use this calculator
A fixed monthly payment can make your credit card payoff easier to plan. Enter the current balance, APR, and the amount you intend to pay each month to estimate how long repayment will take.
- Enter the balance you want to repay and the applicable APR.
- Choose a fixed monthly payment that is higher than the monthly interest.
- Review the estimated payoff time and interest, then compare another payment amount.
Illustrative example
A $5,000.00 balance at 24.99% APR with a $200.00 monthly payment takes 36 payments to repay in this model, with $2,135.18 in interest.
These example values are for explanation. They are not current market quotes or personalized recommendations.
Calculation method
Each month, estimated interest equals the remaining balance multiplied by APR divided by 12. The payment covers interest first and then reduces principal. The final payment is limited to the remaining amount due.
Assumptions and limitations
Fixed APR, no new purchases or fees, and a fixed monthly payment. Interest is estimated as APR divided by 12, rounded monthly. Many issuers use daily balances; actual statements differ. Promotional rates and changing minimum payments are not modeled. Payoff estimates are limited to 1,200 months.
Sources
Credit card payoff calculator FAQs
Choose a question to read the answer, then try your own numbers in the free calculator.
How long will it take to pay off my credit card?
The estimate depends on your balance, APR, and fixed monthly payment. Enter those values to see the number of payments and total modeled interest. This tool assumes no new purchases, fees, or rate changes.
How can I compare paying more each month?
Calculate with your current planned payment, record the payoff time and interest, then increase the payment and calculate again. In this model, a higher payment reduces principal faster and generally lowers total interest.
Is this the same as paying the minimum?
No. Minimum payments often change as the balance changes. This estimate assumes you keep paying the same dollar amount each month.
Why does my statement show different interest?
Card issuers often use daily balances and billing-cycle dates. This calculator uses a monthly approximation and does not model new purchases or fees.
What if my payment does not cover interest?
The calculator shows an error instead of a payoff date. Raise the payment to reduce the balance.
PFC provides mathematical planning estimates. Tax and retirement rules in these tools are for 2026 and do not update automatically. Check the cited sources and the terms that apply to your situation.