Estimate how long a credit-card balance may take to pay off with a fixed monthly payment. Enter the balance, purchase APR, and amount you plan to pay every month. You will see an approximate payoff time, interest cost, and what adding $50 a month could change.
Credit card payoff calculator
This tool calculates in your browser. It does not submit the entered amounts to Fix My Money Life.
JavaScript is off. The calculator requires JavaScript. Your statement’s minimum-payment warning and payoff estimate may provide an issuer-specific reference.
What the estimate assumes
The model charges an approximate monthly interest amount equal to the opening balance × APR ÷ 12, then applies the fixed payment. It repeats until the balance reaches zero, using a smaller final payment if needed. The extra-$50 comparison holds every other assumption constant. This is a planning estimate, not the calculation on your actual statement.
Card issuers often calculate interest using daily balances and may apply different APRs to purchases, transfers, and cash advances. Payment dates, new purchases, promotional rates, fees, rate changes, and a grace period can change the actual payoff. If you pay your purchase balance in full by the due date and qualify for a grace period, you may owe no purchase interest; this simplified model may not describe that situation.
Use the result safely
- Do not substitute the tool for your statement. Pay at least the required minimum by the due date even if you choose a different amount for this estimate.
- If the fixed payment does not cover modeled interest, the balance will not fall. The tool tells you that instead of showing a false payoff date.
- Keep essentials and existing obligations current. An aggressive payoff figure that causes a missed payment elsewhere is not a useful plan.
- Verify the APR and balance. Use the applicable purchase APR and current interest-bearing balance for this simplified single-rate scenario, then compare the result with your issuer’s statement disclosure.
Example of the tradeoff
Here is a worked example using the same method as the calculator: a hypothetical $5,000 interest-bearing balance at a constant 20% APR, no new purchases or fees, interest calculated monthly and rounded to cents, and a fixed payment applied after that interest. The last payment may be smaller than the regular payment.
| Fixed monthly payment | Modeled payoff time | Modeled total interest | Modeled total paid |
|---|---|---|---|
| $200 | 33 months | $1,522.13 | $6,522.13 |
| $250 | 25 months | $1,133.05 | $6,133.05 |
Under these assumptions, the additional $50 per month means 8 fewer monthly payments and $389.08 less interest. These figures are a reproducible arithmetic example, not a promise about your account. Different payment dates, daily interest calculations, changing APRs, fees, or new purchases change the result.
Check the first month: $5,000 × 20% ÷ 12 is $83.33 after rounding. A $200 payment then leaves $4,883.33 in this model. A payment of $83.33 or less would not reduce the initial balance under the modeled assumptions. This test is not a substitute for the minimum payment printed on your statement.
If you are facing a hardship, see what to ask before joining a card hardship program.
Comparing a new way to repay several cards? Use our loan vs. balance-transfer cost example. If the planned payment itself is unaffordable, compare a debt management plan and settlement before signing up for relief.
Related guides and sources
- Credit utilization calculator — see what a changing reported balance does to the ratio.
- How to ask your credit card issuer for a lower APR — use the call script and check whether a lower rate would apply to your existing balance.
- Statement date vs. due date — keep reporting timing separate from the payment deadline.
- CFPB: How issuers calculate credit card interest
- CFPB: Statement payoff estimate and making larger payments
Last reviewed: September 28, 2026. General educational estimate, not individualized financial advice.