How do I calculate the payment to pay off my card in a set number of months?

Use the target months mode. The calculator applies the amortization formula M = B * r / (1 - (1+r)^-n), where r = APR/12 and n is months, to find the required payment.

Why does my balance grow under minimum payments?

If your minimum payment doesn’t at least cover monthly interest, the unpaid interest capitalizes and the balance grows. Increase your payment until it exceeds interest accrued each month.

Does this calculator include compounding?

Yes, it assumes monthly compounding typical of credit cards (APR/12 per month).

Can I add extra payments?

Yes, use the extra monthly payment field to simulate principal prepayments and see the time and interest saved.

What minimum payment should I use?

Issuers typically use a formula like max(Min% × balance, Floor$). Set the Min% and Floor$ fields to match your statement footnote for realistic results.

Is the result a guarantee from my card issuer?

No. Results are estimates for planning. Your issuer’s calculation method, fees, and timing can differ. Always verify with your statement and issuer.

Credit Card Payoff Calculator — Cut Interest, Plan Your Debt-Free Date

Authoritative data source & methodology

AuthoritativeDataSource: U.S. Consumer Financial Protection Bureau (CFPB) credit card disclosures and common issuer methodologies; Federal Reserve Board—Truth in Lending (Regulation Z, 12 CFR Part 1026) guidance on APR disclosure. All computations assume monthly compounding at APR/12 and standard amortization or minimum payment rules.

CFPB: “Understand Your Credit Card Statement” (educational guidance).
Federal Reserve Board: “Truth in Lending (Regulation Z), APR Disclosures” (technical basis).

Tutti i calcoli si basano rigorosamente sulle formule e sui dati forniti da questa fonte.

The formula explained

Monthly rate: $ r = \\dfrac{\\text{APR}}{12} $

Payment for target months: $ M = \\dfrac{B\\,r}{1 - (1+r)^{-n}} $

Months for a fixed payment (when $M > B\\,r$): $ n = -\\dfrac{\\ln\\left(1 - \\dfrac{B\\,r}{M}\\right)}{\\ln(1+r)} $

Interest each month: $ I_m = \\text{Balance}_{m-1} \\times r $; Principal paid: $ P_m = M - I_m $.

Glossary of variables

B – Starting balance.
APR – Annual Percentage Rate; nominal annual rate quoted by your card.
r – Monthly rate (APR/12 as a decimal).
M – Monthly payment (either chosen or calculated).
n – Number of months to payoff.
Minimum payment rule – max(Min% × balance, Floor$), customizable to match your issuer.

How it works: a step-by-step example

Example

Balance B = $5,000, APR = 19.99% (r ≈ 0.1999/12 ≈ 0.01666). Target months n = 24.

Required payment: $ $M = \\dfrac{5000\\times0.01666}{1-(1+0.01666)^{-24}} \\approx \\$252.\\,$ Adding a $50 extra payment makes $M \\approx \\$302, reducing interest and potentially shaving months if rounded.

FAQs

Does this include fees or promo APRs?

No. Fees, deferred interest, or promotional APRs vary by issuer. Enter an effective APR or split scenarios.

Why is my result different from my statement “Payoff in X years” box?

Issuers may round differently, apply fees, use billing-cycle day counts, or change minimum rules; this tool uses transparent monthly compounding and your inputs.

What payment avoids negative amortization?

At minimum, pay monthly interest: $B\\,r$. The calculator flags if your fixed payment is below interest.

Can I simulate only minimum payments?

Set your fixed payment equal to the minimum formula shown (or leave fixed low) and review months to payoff; if it never declines, increase payment.

Will paying biweekly help?

This tool models monthly billing cycles. Paying the same total monthly earlier in the cycle reduces average daily balance slightly—check your issuer’s rules.

Strumento sviluppato da Ugo Candido. Contenuti verificati da, CalcDomain Editorial Board.
Ultima revisione per l'accuratezza in data: October 30, 2025

credit card payoff calculator

Monthly Payment

Months to Payoff

Total Interest

Payoff Date