Calculator
Credit Card Payoff Calculator
See how long a credit card balance takes to pay off at a fixed monthly payment, how much interest it costs, and how much faster it clears if you pay more.
Time to pay off
2y 9m
33 monthly payments of $250
Interest cost
$2,101
$8,101 repaid on a $6,000 balance
Pay $50 more
7 months sooner
saves $471 in interest
What you actually repay
- The balance itself$6,000 · 74%
- Interest$2,101 · 26%
Why the first month matters
At 22.9% APR, this balance is charged about $114.50 in interest in the first month. Anything you pay above that reduces the balance; anything below it does not. That single comparison explains most of what a payoff plan achieves.
FAQ
Questions about this calculator
More on this in the credit guides.
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