Credit Card Payoff

Shows how many months a credit-card balance takes to pay off, and the interest, for a fixed payment or a percent of the balance.

1. Enter the balance and APR.
2. Choose a fixed monthly payment, or a percent of the balance with a dollar floor.
3. Read the payoff time, total interest, and the last payment.

Monthly periodic rate

Each month, interest = balance × APR ÷ 12, rounded to the cent. The payment is applied after that interest. On the percent setting, the payment is the greater of that percent of the balance and the dollar floor, before interest is added.

Source. Interest each month is the balance times the annual rate divided by 12, rounded to the cent. The payment is applied after that interest. A fixed payment is the amount entered. On the percent setting, each month's payment is the greater of that percent of the current balance and the dollar floor, figured before the month's interest is added, and it is never more than the balance plus that interest. Many card issuers instead use a daily periodic rate, the APR divided by 365 or 360. The CFPB describes that daily method. CFPB, daily periodic rate.

Updated November 1, 2026

A $5,000.00 balance at 18% with a monthly payment of $200.00 is paid off in 2 years, 8 months. Total interest is $1,313.97. Total paid is $6,313.97. The last payment is $113.97.

• This is a monthly rate, not a card issuer's average daily balance.
• If the payment does not cover the interest, the balance does not pay off.

Why does the last payment differ?

The last month pays only the remaining balance plus that month's interest, when that amount is less than the regular payment.

What if my payment is smaller than the interest?

The balance does not pay off. The result says so and shows the first month of interest.