Does the calculator include new purchases?

No. It assumes the balance is being paid down with no new purchases, fees, cash advances, or balance transfers.

Why enter a minimum payment floor?

Many credit card minimum payments are based on a percentage of balance but cannot fall below a stated dollar amount.

Can paying extra save interest?

Yes. Paying more than the minimum usually reduces principal faster and lowers total interest when the APR is positive.

Credit Card Payoff Calculator

Estimate how long it may take to pay off a credit card balance with minimum payments or an extra monthly payment.

Current balance ($)

APR (%)

Minimum payment (%)

Minimum payment floor ($)

Extra monthly payment ($)

Estimate assumes no new purchases, no late fees, no cash advances, and a fixed APR. Your issuer can calculate minimum payments differently.

What this credit card payoff calculator estimates

US credit card payoff intent is about balance, APR, minimum-payment rules, payoff time, and the effect of paying more than the minimum. This page replaces the old card-cost framing with a payoff-focused calculator.

Current credit card balance.
APR used to estimate monthly interest.
Minimum payment as a percent of balance with a dollar floor.
Extra monthly payment, payoff time, total interest, and interest saved.

Estimate only

Card issuers can use different minimum-payment formulas, daily balance methods, fees, penalty APRs, promotional balances, and payment-allocation rules.

Credit card payoff model

M o n t h l y in t er es t = B a l an ce \cdot A P R /12

The calculator uses a monthly approximation of APR for a planning estimate.

M inim u m = max (B a l an ce \cdot M inim u m %, F l oor)

Many issuers combine a percentage rule with a minimum dollar floor, but exact terms vary.

S a v in g s = I n t er es t_{minim u m} - I n t er es t_{f a s t er}

Extra payments reduce principal faster when they exceed the required minimum.

What can change the payoff date

Factor	Why it matters
New purchases	Additional spending can extend payoff time and add interest.
Payment allocation	Issuers may allocate minimum and excess payments differently across balances.
Fees and penalty APR	Late fees, cash advances, and penalty APRs can change the result.
Minimum-payment formula	Issuer formulas differ, so the calculator uses a transparent approximation.

Frequently Asked Questions

Sources and References

Calculations are based on the listed reference sources. Links open in a new tab.

Updated: June 2, 2026

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