Credit Card Payoff Calculator
Estimate how long it may take to clear your credit card balance. Enter your balance, APR and planned monthly payment to see an estimated payoff time, total repayment and interest cost.
| Year | Principal | Interest | Balance |
|---|---|---|---|
| 1 | £1,284 | £1,116 | £3,716 |
| 2 | £1,647 | £753 | £2,070 |
| 3 | £2,070 | £288 | £0 |
- Paid off after
- 3 years (36 payments)
- Estimated total paid
- £7,158
- Estimated total interest
- £2,158
- Interest as a share of the balance
- 43.2%
- Final payment
- £157.62
- Current payment (£200.00/mo)
- 3 years, £2,158 interest
- Pay 25% more (£250.00/mo)
- 2y 3m, £1,549 interest, £609 less interest
- Pay 50% more (£300.00/mo)
- 1y 9m, £1,216 interest, £942 less interest
Estimate how long it will take to clear your credit card
Enter your credit card balance, APR and the amount you plan to pay each month. The calculator estimates your payoff time, total repayment and the interest that may be charged if you make no further purchases and your rate stays the same.
How to use this calculator
- Pick your currency at the top of the calculator. It sets the formatting for every figure.
- Enter your current outstanding balance and the APR that applies to it.
- Enter the fixed amount you plan to pay each month.
- Choose how you would like the payoff time shown — days, weeks, months, or years, months and days.
Results update as you type. Use the breakdown tab to see the balance fall year by year, and the summary tab for a “what if you paid more each month” comparison.
How this credit card repayment calculator works
This calculator applies the APR to your outstanding balance over time and deducts your chosen monthly payment. It is designed to give an estimate of how long repayment may take and the overall cost of borrowing.
Many credit card providers calculate interest daily on the amount you owe. Your actual result can differ because providers may use different statement dates, payment dates, interest calculations and rounding methods.
- APR — annual percentage rate as a decimal (24.9% → 0.249)
- d — days in the payment period (an average month is used here)
- Each month: add the interest, then subtract the payment
- The card is paid off when the balance reaches zero
With a £5,000 balance at 24.9% APR and £200 a month, that resolves to about 36 payments, roughly £7,160 repaid and £2,160 of interest. The final payment is smaller than £200 because only the remaining balance is left to clear.
What information do I need?
You will normally find the required information on your latest credit card statement:
- Your current outstanding balance
- The relevant APR for the balance you are repaying
- The amount you intend to pay each month
If your card has different rates for purchases, cash withdrawals, balance transfers or promotional offers, a single-rate estimate may not match your actual statement exactly.
Why is my credit card taking so long to pay off?
Part of each monthly payment may go towards interest, with the remainder reducing your balance. When your payment is only a little higher than the interest being added, the amount you owe can fall slowly.
How can I repay a credit card faster?
Paying more than the minimum payment may reduce the time it takes to clear your balance and may reduce the total interest charged. Avoiding new spending can also help keep the balance from increasing.
If you are considering a promotional or balance-transfer offer, check the transfer fee, the end date of any introductory rate and the rate that applies after the offer ends.
Important information
Important: This calculator provides an estimate for general information only and is not financial advice. Actual interest, repayment periods and total costs depend on your card provider’s terms, statement dates, payment timing, fees, promotional offers, changes in APR and any further spending.
If you are struggling to make payments, contact your card provider as soon as possible. Free, confidential debt advice may be available from StepChange, National Debtline and Citizens Advice.