Finance calculator
Credit Card Payoff Calculator
Use this credit card payoff calculator to estimate how long a fixed monthly payment may take to pay down a balance. The calculator includes guardrails when the payment is too low to reduce the balance.
Formula
- Monthly rate = APR / 12
- Each month: interest = balance x monthly rate
- New balance = balance + interest - monthly payment
- Repeat until the balance reaches zero, unless the payment is too low to reduce the balance.
Example calculation
For a $6,000 balance at 22% APR with a $250 monthly payment, payoff may take about 32 months with roughly $1,773 in interest, assuming no new charges and a fixed payment.
FAQ
Why does the calculator warn that a payment is too low?
If the monthly payment does not cover the estimated monthly interest, the balance may not decrease. The calculator flags that situation instead of showing an unrealistic payoff date.
Does this include new card purchases?
No. It assumes no new charges, fees, or rate changes after the starting balance.
Is this debt advice?
No. It is an educational estimate. Consider qualified guidance for decisions about debt, hardship programs, or credit products.
Educational disclaimer
MoneyHackWise calculators are for educational purposes only and do not provide financial, investment, tax, legal, accounting, lending, or business advice. Results are estimates based on the inputs and assumptions shown.