Calculator
Enter your balance, APR, and monthly payment. Add an extra amount to see how quickly it speeds things up.
Inputs
How it works
This calculator estimates interest monthly using a monthly rate (APR ÷ 12). Each month, interest is added to the balance, then your payment reduces the balance. Your payment covers interest first; the rest goes toward the balance.
Why does payoff feel slow at first?
Early on, the balance is highest, so interest is higher. As the balance drops, the interest portion shrinks and payoff speeds up.
What does extra monthly payment change?
Extra payments reduce the balance sooner, which reduces future interest and can shorten payoff time a lot.
Is this exact?
This is a close estimate. Some cards use daily interest and statement timing, which can cause small differences.
Related: All payoff tools · Avalanche method · Snowball method
Related decisions
If you’re paying interest each month, small changes can have a big impact. Try these next.
- Extra payment scenarios (extra $25 / $50 / $100 and more)
- What if I only pay the minimum?
- Debt avalanche calculator (highest APR first)
- Debt snowball calculator (smallest balance first)
- How credit card interest works
Back to the hub: Debt payoff tools