How are credit card payments applied?

Each month your payment first covers interest accrued, and the remainder reduces principal. If your payment doesn't cover monthly interest, your balance can grow.

What payment should I make to get out of debt faster?

Paying more than the minimum reduces both the payoff time and the total interest paid. Try increasing your target payment and compare results.

What if my payment is too small?

If your monthly payment is less than the interest accrued, the debt won't be paid off. Increase your payment until the calculator shows a valid payoff plan.

Does this include fees or new purchases?

No. The calculation assumes no new purchases and no extra fees. It's a payoff projection for your current balance and APR.

Credit Card Payoff Calculator

Calculate your payoff timeline and total interest. Compare minimum vs target payments and export a schedule to plan your path to zero balance.

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Current balanceAPR (%)Minimum monthly payment ($)Target monthly payment ($)

Preset scenarios

Minimum payment strategy

Months to payoff

167

Total interest

$28,066.99

Total paid

$40,066.99

Target payment strategy

Months to payoff

Total interest

$6,023.55

Total paid

$18,023.55

Paying your target amount could save121 monthsand$22,043.44in interest.

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How to Use

Enter your balance and APR from your latest statement.
Enter your minimum monthly payment and a higher target payment.
Compare payoff months and total interest for both strategies.
Export the schedule and create a plan you can stick to.

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Frequently Asked Questions

This calculator assumes no new purchases, fees, or interest rate changes. Increase your payment to shorten the payoff time and reduce interest.