Credit Card Payoff Calculator
Your results
| Strategy | Monthly payment | Payoff time | Total interest | Interest saved |
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Payment schedule
| Year | Paid this year | Principal paid | Interest paid | Balance remaining |
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| # | Date | Payment | Principal | Interest | Balance |
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How the credit card payoff calculator works
This calculator uses daily interest compounding, the same method most credit card issuers use. Your APR is divided by 365 to get a daily rate, applied to your balance every day and totaled onto your bill each month. Enter your balance, APR, monthly payment, and any extra amount, and it projects an exact debt-free date, total interest, and a full payment schedule in your chosen currency.
Tips to pay off credit card debt faster
Pay more than the minimum. Minimum payments mostly cover interest, so extra amounts go straight to principal.
Target the highest APR first. Paying down the highest-rate balance first saves the most interest overall.
Automate a fixed extra amount. A recurring extra payment, in any currency, compounds into real time and interest savings.
Stop new charges while paying down debt. New spending resets progress since interest applies to your full daily balance.
Understanding the minimum payment
Card issuers set minimum payments low on purpose, usually 2 percent of the balance or a flat 25 to 35, whichever is greater. This keeps the account current but barely reduces the principal early on, which is why balances paid at the minimum can take decades to clear.
| Rule | How it works | Effect on payoff |
|---|---|---|
| Percent-of-balance | 2 to 3 percent of the current balance | Minimum drops as balance drops, stretching payoff time |
| Flat-fee floor | 25 to 35, whichever is greater than the percentage | Applies mainly to small balances |
| Interest-plus-fees | Full interest charged plus 1 percent of principal | Guarantees the balance shrinks slightly each month |
Frequently asked questions
Most issuers use daily compounding. Your APR is divided by 365 to get a daily periodic rate, applied to your balance each day and totaled into the interest charge on your statement.
An extra 50 to 100 a month can cut years off a payoff timeline and save hundreds to thousands in interest, since extra amounts apply directly to principal instead of interest.
Paying only the minimum mostly covers interest and barely reduces principal, which can stretch payoff to decades and multiply the total interest you end up paying.
Yes, it is completely free with no signup. Every calculation runs in your browser only, so no balance or personal information is ever sent to a server or stored anywhere.
Yes. Switch the currency dropdown to your local currency, including EUR, GBP, INR, CAD, AUD, JPY, or AED, and every result and table updates to match, shown by currency code rather than a symbol.