Credit card payoff calculator: When will my card hit $0?
Enter your balance, APR, and monthly payment. See your payoff date, the interest you'll pay, and what a bigger payment saves.
How Snip does the math
Each month, interest is added at your APR divided by 12.
Your payment comes off. This repeats until the balance hits $0. The last payment is smaller.
It assumes a fixed APR, no new purchases, and no fees. Cards charge interest daily, so your real total may be a bit higher.
Questions, answered
How long will it take to pay off my credit card?
It depends on three things: the balance, the APR, and your payment. Enter them above. The calculator shows the number of months and the total interest.
Why does a small extra payment save so much?
Interest is charged on the balance you still owe. An extra payment lowers that balance sooner, so every later month costs less interest. The table above shows the effect.
What if my payment doesn't cover the interest?
Then the balance never goes down. The calculator tells you when this happens. Raise the payment, or look at a lower-rate option such as a consolidation loan.
Does this include new purchases?
No. It assumes you stop using the card while you pay it off. New charges add to the balance and push the payoff date back.
