How to use Credit Card Payoff Calculator
- Enter your balance and the card's APR.
- Enter the fixed amount you can pay each month.
- Read the payoff time, interest and total paid.
About this tool
Interest is added to the balance every month at APR / 12, then your payment is subtracted. If the payment is not larger than the monthly interest, the balance never falls, so the tool tells you to raise it.
Paying more than the minimum shortens the payoff dramatically and reduces interest.
Frequently Asked Questions
- Does it include new purchases?
- No. It assumes you stop using the card while paying it off.
- What is APR?
- The annual percentage rate, the yearly cost of borrowing. Credit cards compound it monthly.
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