Credit Card Payoff Calculator
Model a credit-card balance month by month using either a fixed payment or an entered minimum-payment rule. Add an extra monthly amount to compare the accelerated payoff with the same plan before extra payments.
How to use this calculator
Enter current balance, APR, fixed-payment or modeled-minimum mode, applicable payment inputs, and optional extra monthly payment.
Review statement APRs, promotional-rate expiry, fees, variable-rate terms, payment timing, and whether new purchases will continue.
Read payoff months, total interest and paid, baseline months without extra payments, and estimated time and interest saved.
Formula
Monthly interest = opening balance × APR ÷ 12. Payment is either the fixed amount or max(statement balance × minimum percentage, floor), plus extra payment; the final payment is capped at the amount due.
Worked example
With a $1,000 balance at 18% APR, the first monthly interest is $15; adding $25 to the selected payment plan is compared with the same plan without that extra amount.
Assumptions and limits
- The model compounds monthly; the entered percentage-or-floor minimum is a planning rule, not an issuer quote, and daily accrual, fees, and new charges are excluded.
- Credit Card Payoff Calculator treats the entered values as estimates and does not infer missing project, account, or personal details.
- Calculations retain working precision except where the cited method requires an intermediate rounding step; displayed values are then formatted separately. Source rules and dated rates must be rechecked when they change.
Sources
- Consumer Financial Protection Bureau: What is a credit card interest rate?Credit-card APR and interest terminology. Reviewed 2026-08-14.
- Consumer Financial Protection Bureau: Credit card repayment calculatorCredit-card repayment and disclosure concepts. Reviewed 2026-08-14.
- Consumer Financial Protection Bureau: How does my credit card company calculate the amount of interest I owe?Official formula or method source used by this calculator. Reviewed 2026-08-14.
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Verification
How this calculator is checked
Trust comes from reproducible evidence, not model confidence. You can inspect the formula, assumptions, worked example, and cited sources on this page.
- Versioned calculationFormula logic is kept separate from the interface and covered by automated registry and behavior checks.
- Cited evidenceSources linked for independent checking: 3.
- Transparent AI useAI may assist drafting or adversarial review. Agreement between models is not proof, and no human expert review is claimed unless a named reviewer is shown.
Frequently asked questions
How does the Credit Card Payoff Calculator work?
Monthly interest = opening balance × APR ÷ 12. Payment is either the fixed amount or max(statement balance × minimum percentage, floor), plus extra payment; the final payment is capped at the amount due.
What information should I enter in the Credit Card Payoff Calculator?
Enter current balance, APR, fixed-payment or modeled-minimum mode, applicable payment inputs, and optional extra monthly payment, then verify statement APRs, promotional-rate expiry, fees, variable-rate terms, payment timing, and whether new purchases will continue.
What should I verify before using this Credit Card Payoff Calculator result?
The model compounds monthly; the entered percentage-or-floor minimum is a planning rule, not an issuer quote, and daily accrual, fees, and new charges are excluded.
Last updated 2026-08-25 · fixed-or-minimum-extra-v2 · content-2026-08-14 · Published by YunFanLabs