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Credit card payoff calculator
Estimate repayment time and interest with a fixed monthly payment and no new purchases.
On this page
Months to repay12months
Total interest0
Total payments1,200
Calculator controls
How to calculate
Estimate repayment time and interest with a fixed monthly payment and no new purchases.
Monthly interest = outstanding balance × annual rate / 1200. Each month, subtract the payment from the balance plus interest; the final payment is capped at the remaining amount.
Worked example
Starting balance: 1200; Nominal annual interest (%): 0; Fixed monthly payment: 100.
Months to repay: 12 months; Total interest: 0 ; Total payments: 1,200 .
Assumptions and limits
Assumes monthly interest, constant rate and payment, no new purchases or fees. Real cards often accrue interest daily. Calculations are limited to 1,200 months.
Results are rounded for display; calculations use unrounded values. Read our calculation methodology.
Understanding the result
The payoff time counts payments until the balance is cleared, including a smaller final payment when necessary. Paying no more than the opening interest will not reduce the debt under this model.
When this tool is useful
Explore how a larger fixed payment changes the time and interest needed to clear one card balance.
Understanding your inputs
| Input | What to enter |
|---|---|
| Starting balance | Enter a number of at least 0 and no more than 1000000000. |
| Nominal annual interest (%) | Enter a number of at least 0 and no more than 100. |
| Fixed monthly payment | Enter a number of at least 0.01 and no more than 1000000000. |
Frequently asked questions
Can I keep using the card?
This model assumes no new purchases. Additional spending, fees or rate changes require a revised projection.
Does the model use daily interest?
No. It uses one twelfth of the entered annual rate each month. Check the statement method for an exact lender calculation.