Finance
Estimate payoff time and interest when making a fixed monthly card payment.
Results update as you type. No calculate button. All calculations run locally in your browser.
—
—
| Amount | |
|---|---|
| Months to pay off | — |
| Total interest | — |
| Total paid | — |
Bars are scaled to the total paid. At card rates the interest slice is large even for a moderate balance, which is why raising the payment helps so much.
| After | Balance left |
|---|
Interest each month is opening balance times APR divided by 12; the payment then reduces the balance. The final payment is capped at what remains.
Each month: interest = opening balance × APR ÷ 12; ending balance = opening balance + interest − payment. The simulation repeats until the balance reaches zero.
Balance $10,000 at 18% APR with $300 a month: the first month's interest is $150.00, and the card pays off in 47 months with $3,967.21 of interest, for $13,967.21 total.
Fixed APR, fixed monthly payment, no new purchases, no fees, no penalty rates, and no minimum-payment rules. Real cards vary the APR, charge fees, and often set the minimum as a percentage of the balance, so this is a fixed-payment estimate, not a card statement forecast.
The balance grows and the card never pays off at that payment. The calculator flags this: raise the payment above the first month's interest figure.
Because the APR is high and the balance falls slowly at first. Most of the early payments cover interest, not principal.
Yes, disproportionately: a higher payment both cuts the balance faster and shortens the period over which interest accrues.
Not included. New purchases add to the balance and extend the payoff time; this calculator assumes none.
APR is the yearly rate used here, including the card's stated rate. Fees are separate and are not modeled.
Results are estimates only and do not constitute professional advice.