Credit Card Payoff Calculator
Months to pay off a card, or the payment to clear it in time.
Use via API
How long a credit card balance takes to clear and the interest paid: at a fixed monthly payment, within a set number of months, or paying only the minimum. Send JSON, get JSON back.
POST https://pithlab.com/api/v1/tools/credit-card-payoff-calculator
curl https://pithlab.com/api/v1/tools/credit-card-payoff-calculator \
-H "Authorization: Bearer $PITHLAB_KEY" \
-H "Content-Type: application/json" \
-d '{"mode":"payment","balance":5000,"apr":21.99,"payment":200}'About the Credit Card Payoff Calculator
Find how long a credit card balance takes to clear at a fixed payment, the payment needed to clear it by a date, or how long paying only the minimum would take.
How to use the Credit Card Payoff Calculator
- Enter the card balance and its APR.
- Choose a fixed monthly payment, a number of months to clear it in, or the card's minimum payment rule.
- Read how many months it takes, the monthly payment, and the total interest you'd pay.
Examples
Input
5000, 21.99%, 200/month
Output
Paying 200.00 a month clears 5,000.00 in 2 years 10 months (34 payments): total interest 1,748.71, total paid 6,748.71
Input
5000, 21.99%, 24 months
Output
To clear 5,000.00 in 2 years, pay 259.37 a month: total interest 1,224.78, total paid 6,224.78
Input
5000, 21.99%, 1% + interest, floor 25
Output
Paying only the minimum (starting at 141.63) clears 5,000.00 in 19 years 2 months (230 payments): total interest 8,095.84, total paid 13,095.84
Frequently asked questions
How is credit card interest calculated here?
Each month the balance is charged APR ÷ 12, rounded to the cent, then your payment is taken off. Most issuers actually charge a daily rate on your average balance, so your statement can differ by a little.
Why do minimum payments take so long?
The minimum is usually a small percentage of the balance plus that month's interest, so it shrinks as the balance shrinks. Most of each early payment is interest, and the last few hundred take years. Paying a fixed amount instead clears it far faster.
How do I find my card's minimum payment rule?
It's in your card agreement or on your statement. A common rule is 1% of the balance plus that month's interest, with a floor such as 25. This calculator always adds the interest on top of the percentage.
Does this include new purchases or fees?
No. It assumes you stop using the card, the APR stays the same, and no fees or promotional rates apply.