Credit Card Payoff Calculator: Your Debt-Free Date
Enter your balance and rate, then a monthly payment or a payoff goal. See your payoff date, the total interest, and what an extra $50 a month does.
How this calculator works
Each month it adds interest (your APR divided by 12) to the balance, then subtracts your payment, until the balance reaches zero. Choose a payoff goal instead and it works out the fixed monthly payment that gets you there.
It assumes a fixed rate, the same payment every month and no new charges. Real minimum payments usually shrink as the balance shrinks, so paying only the minimum takes longer than a fixed payment would. Your statement shows your exact balance, APR and minimum.
If your payment doesn't cover the monthly interest, the balance never goes down, and the calculator will say so. That's the moment to call the card company and ask about a lower rate or a hardship program.
Do the math once. Use it every month.
The Squared Roots Co. Money Toolkit: a zero-based budget, net worth tracker, Snowball vs Avalanche debt planner and goals calculator, plus the 21-page Wealth on Any Income workbook.
See the toolkit, $27For education only. Results are estimates based on the numbers you enter and simple assumptions. Squared Roots Co. LLC is a financial coaching business, not a registered investment adviser, and this tool is not individual financial, investment, tax or legal advice. Nothing you type is saved or sent anywhere; it stays in your browser.