Credit Card Payoff Calculator

Enter your current balance and APR, then choose how often you pay — monthly, bi-weekly, or weekly. Pick a mode to see how long a fixed payment takes to clear the debt, or find the payment required to be debt-free by a target date. Accelerated frequencies show an interest-saved comparison against a monthly plan.

Your numbers

Adjust the sliders or type exact values.

Current balance

$100$100,000

Interest rate (APR)

0%36%

Payment frequency

Payoff mode

Payment per period

$10$5,000

Time to debt-free

3 yr 1 mo

With monthly payments of $300.00. Final payment lands around November 2029.

Current balance: $8,000
Monthly payment: $300.00
Payments per year: 12
Total interest paid: $3,083
Total amount paid: $11,083
Debt-free date: November 2029

Principal vs. interest

PrincipalInterest

Estimates are for informational purposes only and do not constitute financial advice.

The payoff time formula

The formula is only defined when P > B × r — your payment must exceed the monthly interest charge, or the balance never falls. This tool simulates the payoff month by month for an exact interest total.

N = −ln(1 − (B × r) ÷ P) ÷ ln(1 + r)

N: Number of monthly payments needed
B: Current balance
r: Monthly interest rate (APR ÷ 12)
P: Fixed monthly payment

Example: an $8,000 balance at 22% APR

1
Balance B = $8,000 and APR = 22%, so the monthly rate r = 22% ÷ 12 ≈ 1.833% (0.01833).
2
The first month's interest charge is $8,000 × 0.01833 ≈ $146.67 — any payment below this grows the debt.
3
With a fixed payment P = $300, about $153.33 of the first payment reduces principal.
4
Applying N = −ln(1 − (8,000 × 0.01833) ÷ 300) ÷ ln(1.01833) gives N ≈ 37 months.
5
Total paid ≈ $11,000, meaning roughly $3,000 goes to interest. Raising the payment to $400 cuts the timeline to about 25 months.