Reference formulas and worked examples below keep their stated units. Monetary examples use USD; dimensional examples use US customary units unless labeled otherwise. Metric calculator inputs are converted to these reference units before calculation. Choosing another currency does not convert example amounts or exchange money.
How to use this credit card payoff calculator
Choose a fixed payment or a payoff target. No new purchases are added. The minimum-payment comparison uses the editable rule below, not an assumed issuer policy.
How the calculation works
Monthly interest = opening balance × annual card rate ÷ 1,200, rounded to cents. Amount due = opening balance + interest. Payment reduces this amount, with no purchases or new fees.
The statement-percent minimum is the greater of the payment floor and the chosen percentage of balance plus interest. The interest-plus-percent minimum is the greater of the floor and interest plus the chosen percentage of opening principal. Percentage components round upward to cents.
Target mode searches whole-cent fixed payments for the smallest amount that repays within the entered months. It raises that amount to the modeled initial minimum if necessary. With decreasing principal, that initial modeled minimum is at least as large as subsequent modeled minimums.
A payment that does not reduce principal is labeled non-amortizing. A declining balance not repaid after 1,200 months is labeled beyond the modeled horizon. Unknown lifetime cost and savings remain unreported; partial rows are not a fabricated payoff forecast.
Worked example
At 0% interest, a 1,000 balance repaid at 100 per month clears in 10 months. A minimum rule with a 0% percentage and a 25 payment floor takes 40 months. Both cost 1,000, but the fixed plan finishes 30 months earlier. At 24% on a 5,000 balance, the first month’s modeled interest is 100; paying only 100 does not reduce principal.
Limits and assumptions
This is a fixed monthly model with interest rounded to cents. Daily balance calculations, payment dates, changing rates, promotions, taxes and jurisdiction-specific contract rules are not inferred. Actual card contracts can use daily balances, multiple rates, fees and grace-period rules. The adjustable minimum is a scenario, not a substitute for the statement minimum. A fixed payment below that minimum is flagged but does not model delinquency charges. No multi-card allocation, new spending, balance-transfer promotion or legal minimum rule is calculated.
Frequently asked questions
Does this calculate my exact statement minimum?
No. Choose a rule that approximates your agreement and confirm the amount on your actual statement. The defaults are only examples.
Why does my target payment exceed the pure payoff amount?
Target mode also respects the modeled initial minimum. It can therefore clear the balance earlier than the requested deadline.
What does non-amortizing mean?
The payment does not cover enough interest to reduce principal. This model cannot give a valid payoff date or lifetime interest total for that plan.
Are new purchases included?
No. Continued purchases, fees or rate changes would change the result.
What if the comparison says beyond the horizon?
The balance is still positive after 1,200 modeled months. The displayed rows are only that horizon, not a complete repayment schedule.