Debt payoff · Fixed-payment comparison
Credit Card Payoff Calculator
See how long a fixed payment takes, how much interest it costs, and what one extra monthly amount changes. The result warns when the payment cannot reduce the balance.
Quick estimate
Build a credit-card payoff plan
Payoff time with extra payment
34 mo$2,096 less interest than the base paymentAssumes no new purchases, a constant APR and payment, monthly compounding, and fees entered here. Issuer minimum-payment rules and daily balance methods can differ.
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How this calculator works
The calculator applies one-twelfth of the entered APR to the current balance each month, adds entered recurring fees, subtracts the fixed payment, and repeats until the balance reaches zero. It runs the same schedule again with the extra payment.
Why a fixed payment is clearer
Issuer minimum-payment formulas vary and often change as the balance falls. A fixed dollar payment lets you compare a stable plan. Your statement’s minimum-payment warning remains the authoritative issuer calculation for its disclosed assumptions.
When payoff is not reached
If the payment is no greater than current monthly interest and fees, the balance cannot decline. The model stops and says payoff is not reached instead of producing an impossible date. A plan that barely exceeds interest can also take many years.
APR is still an approximation
Many issuers use an average daily balance and daily periodic rate. Billing-cycle length, variable APR changes, promotional balances, cash advances, fees, payment timing, and new purchases can make statement interest differ from this monthly model.
The schedule assumes no new purchases. If the card remains in use, separate new spending from the payoff payment or the estimated date will drift.
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Worked example
On a $10,000 balance at 20% APR, a $300 monthly payment takes far longer and costs more interest than a $500 payment. The chart compares both full schedules, not just the first month.
The exact payoff month may differ from a statement because the issuer uses its own daily balance, rounding, fee, and allocation methods. The direction and size of the extra-payment benefit remain useful for planning.
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Questions people ask
How long will it take to pay off my credit card?
It depends on balance, APR, fees, payment size, and whether new charges continue. Enter a fixed amount you can sustain and compare it with an extra-payment plan.
Why does the calculator say payoff is not reached?
Your payment is not exceeding monthly interest and fees under the entered assumptions, so the balance would stay flat or grow.
Does paying more than the minimum help?
Generally yes: a larger payment reduces principal sooner, which reduces later interest. CFPB-required statements also disclose a 36-month comparison amount.
Does this handle 0% promotional APR?
You can enter 0%, but the model assumes that rate remains constant. If the promotion expires, run separate scenarios for the promotional and post-promotional periods.
Should I prioritize the highest APR card?
The debt-avalanche approach targets the highest APR first to minimize interest, while the debt-snowball approach targets the smallest balance for behavioral momentum. This page models one balance at a time.
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Sources and model basis
Published rules and formulas are linked below. Values supplied by the visitor remain scenario inputs, not factual claims.
- CFPB: Three-year payoff disclosureStatement payoff estimates and the effect of paying more
- Regulation Z §1026.7Minimum-payment warnings, negative amortization, and 36-month disclosure
- CFPB credit card agreement databaseIssuer agreements and account term context