Find out exactly how long it will take to pay off your credit card balance, and how much interest you will pay in total. No signup required.
The total amount you currently owe on the card.
Your card's annual percentage rate. Check your statement or card agreement.
The fixed amount you plan to pay each month.
Additional charges added to the card each month (set to 0 if none).
| Month | Payment | Principal | Interest | Balance |
|---|
This calculator uses the standard credit card amortization formula to determine how many months it will take to pay off your balance at a fixed monthly payment, accounting for daily compounding interest.
Monthly Interest Rate: Your APR is divided by 12 to get the periodic monthly rate. For example, a 19.99% APR becomes approximately 1.666% per month.
Interest Charge Per Month: Each month, interest is calculated as: Balance x (APR / 12). This amount is added to your balance before your payment is applied.
Principal Reduction: Your monthly payment minus that month's interest charge equals the principal reduction. Over time, as the balance falls, less goes to interest and more to principal.
Minimum Payment Warning: If your monthly payment is less than or equal to the monthly interest charge (plus any new charges), the balance will never decrease. This calculator will warn you if that is the case.
Formula for Months to Payoff (no new charges):
n = -log(1 - (r x B) / P) / log(1 + r)
Where: B = balance, r = monthly rate, P = monthly payment.
When new monthly charges are included, the calculator simulates the payoff month by month to give you an accurate result.