A credit card payoff calculator that shows how many months a fixed monthly payment takes to clear your balance, the total interest you’ll pay, and how much slower and more expensive it is to make only the minimum payment. For anyone tackling card debt and deciding how much to pay each month.
How it works
The tool simulates the balance month by month. Each month it adds interest equal to balance × (APR ÷ 12 ÷ 100), then subtracts your payment; it repeats until the balance reaches zero, counting months and totalling interest. If your payment is less than the first month’s interest, the balance grows and the tool reports that it never clears. For the minimum-payment comparison it pays the greater of 2% of the current balance or a small floor each month — recalculated as the balance falls — which is why minimum payments stretch the debt out for years.
Example
A £5,000 balance at 22.9% APR, paying £200/month:
- Cleared in about 2 years 8 months
- Total interest: about £1,400
Paying only the 2% minimum on the same balance would take decades and cost several times more in interest — the calculator shows the exact figures side by side.
| Balance | APR | Payment | Payoff | Interest |
|---|---|---|---|---|
| £2,000 | 19.9% | £100 | ~1y 11m | ~£350 |
| £5,000 | 22.9% | £200 | ~2y 8m | ~£1,400 |
| £5,000 | 22.9% | £150 | ~4y 2m | ~£2,500 |
| £10,000 | 24.9% | £300 | ~4y 2m | ~£5,000 |
Everything is worked out privately in your browser.