Using the Credit Card Calculator
Use the current balance and the rate applying to that balance. Try a payment above your current amount to see how repayment time changes. The model assumes no new purchases, cash advances or late-payment charges.
Worked example
Use the example inputs below to reproduce this result. These are the form's starting values, not recommended targets. Changing your inputs updates your result above; this worked example stays fixed for comparison. Results are rounded for display.
Example inputs
- Outstanding balance
- 5000
- Annual rate (%)
- 18
- Monthly payment
- 250
Example result
- Months to payoff
- 24
- Total interest
- 989.13
- Total paid
- 5,989.13
Method and assumptions
Accrues monthly interest and then applies a fixed payment, with a smaller final payment. No new borrowing or fees.
Check the payment assumption
A debt-payoff estimate assumes the planned payment actually reaches the balance on the modeled schedule. New borrowing, fees or rate changes can extend the timeline. Compare the regular payment with the interest accruing each period, then review any extra-payment assumptions. A payoff projection is most useful when it is updated as the balance and terms change.
Common question
Why does my statement show a different payoff estimate?
Card issuers may accrue interest daily, split balances across rates and change minimum-payment amounts. This tool uses a single rate and equal monthly periods.
Guide updated .