Estimate payoff time and total interest from your balance, APR, and monthly payment.
Example: 3000 (works for USD/GBP)
Example: 22
Example: 100
Estimate how long it will take to pay off a credit card balance and how much interest you’ll pay based on your APR and monthly payment. Useful for quick budgeting checks in the US and UK.
Monthly rate = APR / 100 / 12 Each month: interest = balance × monthly rate principalPaid = payment − interest newBalance = balance − principalPaid Repeat until balance reaches 0. If payment ≤ interest, the balance will not decrease.
Balance: $3,000, APR: 22%, Monthly payment: $100. The calculator estimates payoff time in months/years and total interest paid over the payoff period.
Enter your current balance, APR, and monthly payment. The calculator simulates month-by-month interest and payments until the balance reaches zero, then shows the payoff time in months and years.
If your monthly payment doesn’t cover the monthly interest, the balance won’t go down (it can even grow). The tool will show an error and you’ll need to increase the monthly payment.
Yes. The math is the same for any currency. Just enter your numbers consistently (e.g., balance and payment both in USD or both in GBP).
It can be used that way if you enter your card’s minimum payment amount. However, minimum payments often change as your balance changes, so this is best as a quick estimate unless you keep the payment fixed.
Credit card interest can make a balance feel “stuck,” especially if your monthly payment is only a little higher than the interest being added. This guide explains how payoff estimates work and how to use our free online credit card payoff calculator to see your timeline and interest cost.
A payoff estimate is based on a simple month-by-month process: your card adds interest to the remaining balance, then your payment reduces the balance. The key idea is that part of your payment goes to interest and the rest goes to principal (the actual balance). When you increase your monthly payment, more of it goes toward principal sooner, which usually shortens payoff time and lowers total interest.
Monthly interest rate = APR ÷ 100 ÷ 12 Each month: - Interest = balance × monthly rate - Principal paid = payment − interest - New balance = balance − principal paid Repeat until the balance becomes 0. If payment ≤ interest, the balance will not decrease.
Example (USD): If you owe $3,000 at 22% APR and pay $100 per month, the calculator estimates the number of months to reach $0 and the total interest paid. Example (GBP): If you owe £2,500 at 19.9% APR and pay £120 per month, you’ll see a similar payoff timeline and interest estimate—currency doesn’t change the math, only the numbers you enter.
On the credit card payoff tool page, enter your current balance, your card’s APR (as a percentage), and the monthly payment you plan to make. Click calculate to see the estimated payoff time and interest cost. If you get an error saying the payment is too low, increase the monthly payment until it covers the first month’s interest so the balance can shrink.
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