Credit card payoff calculator
Pick a monthly payment to see when you are debt-free, or pick a date to see the payment it takes. New purchases are not included.
Paying more
The same balance at other monthly payments.
| Monthly payment | Time to pay off | Total interest | Interest saved |
|---|
Where your payments go
Principal and interest paid in each year of the loan. Early on, most of each payment is interest.
- Principal
- Interest
Amortization schedule
Questions people ask
How is credit card interest charged?
Most cards charge the APR divided by 12 on the average daily balance each month. At 24% APR a $5,000 balance costs about $100 of interest in the first month, so a $150 payment only reduces the debt by about $50.
What is the fastest way to pay off cards?
Pay as much above the minimum as you can and stop adding new charges. With several cards, the avalanche method (highest APR first) costs the least interest; the snowball method (smallest balance first) gives quicker wins. A 0% balance transfer can also help if the fee is small.