How to use the Credit Card Payoff Calculator
Fill in the fields on the left. Results, charts and the breakdown update instantly as you type or move a slider. Pick your country at the top of the page to switch currency.
Formula
Each month: interest = balance × APR ÷ 12; balance = balance + interest − payment
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments barely cover the interest, so the balance falls very slowly. Paying even a little more makes a big difference.
Avalanche or snowball?
Avalanche (highest interest rate first) saves the most money. Snowball (smallest balance first) gives quicker wins. Both beat paying the minimum.
Results are estimates for information only and are not financial, tax or legal advice. Tax rules, interest rates and fees change, so confirm important numbers with your bank, employer or a qualified adviser. Read our disclaimer.