Short answer: enter your balance, APR, and what you can pay each month, and this calculator gives you the three numbers that matter — your debt-free date, the total interest the card will cost you, and how much sooner you finish (and how much you save) by paying a little extra. Example: a $6,500 balance at 24.99% APR paid at $400/month is gone in 21 months and costs $1,517 in interest; adding $100/month cuts it to 16 months and saves $358.
| Payoff date | — |
| Monthly payment used | — |
| Total interest paid | — |
| Total paid overall | — |
| With the extra payment: months / interest saved | — |
See the full breakdown
Educational estimate only — not financial advice. Assumes no new charges, a fixed APR, and payments on time; your card’s minimum-payment rules and any fees or APR changes will alter the result. Interest uses the standard monthly approximation (APR ÷ 12); issuers that use an average-daily-balance method may differ by a few dollars. Your numbers never leave this page.
How this calculator works
Each month your balance is charged interest at APR ÷ 12, then your payment comes off. The calculator repeats that month by month until the balance reaches zero — the same arithmetic your issuer runs, minus new purchases. In "set number of months" mode it solves the standard amortization formula for the payment that clears the balance in exactly that many months: payment = r × B ÷ (1 − (1 + r)^−n), where r is the monthly rate. The comparison line reruns the same simulation with your extra amount added to the payment, so the "interest saved" figure is exact within this model, not a guess.
Worked example
- Balance $6,500, APR 24.99%, paying $400/month → debt-free in 21 months, total interest $1,517, total paid $8,017.
- Same card paying $500/month → 16 months, interest $1,160 — 5 months sooner, $358 saved.
- Zero-interest check: $1,200 at 0% APR paying $100/month takes exactly 12 months and $0 interest.
FAQs
Why is my minimum payment a trap? Minimums are often set near 1–3% of the balance, so early payments mostly cover interest. The calculator shows why a fixed dollar payment beats a shrinking minimum. What if my payment is less than the monthly interest? The balance grows. The tool detects that case and tells you the minimum payment needed just to start shrinking the balance. Does this include new purchases or fees? No — it assumes the card stays in a drawer. Add any annual fee to the balance for a closer estimate. Is paying extra always the best move? Within this card, yes: every extra dollar skips all future interest on that dollar. (Whether to prioritize this card over other debts is a bigger decision — see the debt payoff guide below.)
Sources: CFPB: the 36-month repayment box on your statement, FRED TERMCBCCALLNS (Fed G.19 credit card rate) Figures last verified Report a wrong number