Credit Card Payoff Calculator
See exactly how long to pay off your credit card and total interest paid.
Credit card payoff inputs
Enter your balance, APR, monthly payment, and optional new monthly charges.
Outstanding credit card balance.
Annual percentage rate on the balance.
Amount you plan to pay each month.
Optional new purchases added each month.
Used for the minimum-payment comparison.
Payoff time
2y 2m
Estimated payoff date: Aug 2028.
Total interest
£1,358.22
Estimated interest paid before payoff.
Total paid
£6,358.22
Total payments made until payoff.
Monthly interest now
£95.42
Approximate first-month interest.
Minimum payment now
£100.00
2.0% of balance, minimum floor assumed.
Payment above minimum
£150.00
Your planned payment minus estimated minimum.
Interest saved
—
Compared with the minimum-payment estimate.
Time saved
—
Compared with the minimum-payment estimate.
Support
Debt payoff support layer
Month-by-month estimate
The calculator simulates interest, new charges, and payments until the balance reaches zero.
Estimate only
Results are estimates. Actual billing cycles, fees, minimum payment rules, and statement timing may vary.
Action focused
Test higher payments, lower new charges, or different APR assumptions to compare payoff outcomes.
Interpretation
What these payoff results mean
Payoff timeline
At £250.00 per month, your estimated payoff time is 2y 2m.
APR impact
Your APR is 22.9%, which creates about £95.42 of first-month interest.
Payment effect
Paying more than the minimum can reduce both payoff time and total interest.
New charges warning
New monthly charges of £0.00 are included and can extend payoff time.
Credit card basics
How credit card payoff works
Balance
The balance is the amount currently owed. Interest is usually calculated on unpaid balances.
APR
APR is the annual rate. The calculator converts it to an approximate monthly rate.
Payment
Each payment first covers interest and charges, then reduces principal.
New charges
New purchases add to the balance and can delay payoff unless your payment increases.
Strategy
Minimum payment vs fixed payment
Minimum payment
Slower payoff
Minimum payments may keep the account current, but they can lead to long payoff timelines and high interest.
Fixed higher payment
Faster payoff
A consistent payment above the minimum can reduce principal faster and lower total interest.
Debt methods
Avalanche, snowball, and balance transfers
Debt avalanche
Focuses extra payments on the highest APR debt first, usually saving the most interest.
Debt snowball
Focuses on the smallest balance first, which may help motivation and momentum.
Balance transfer
May reduce interest temporarily, but transfer fees and promotional end dates matter.
Formula
Credit card payoff formula explanation
Monthly interest
Monthly Interest = Balance × (APR ÷ 12)This estimates the interest added for the month before the payment reduces the balance.
Monthly balance update
New Balance = Balance + Interest + Charges − PaymentEach month, interest and new charges are added, then the payment is subtracted.
Payoff test
Payment > Interest + New ChargesTo make progress, the monthly payment must be larger than interest plus new monthly charges.
FAQ
Credit card payoff calculator questions
Payoff time depends on your balance, APR, monthly payment, and any new charges. If your payment is high enough to cover interest and reduce principal, the calculator estimates the number of months until the balance reaches zero.
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