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💳 Credit Card Payoff Calculator

Find out exactly how long it will take to pay off your credit card and how much interest you'll pay. See the month-by-month payoff schedule and discover how paying a little extra each month can save you hundreds.

How Credit Card Interest Is Calculated

Monthly Interest = Balance × (APR ÷ 12 ÷ 100)

Interest accrues daily on your balance. Only the portion of your payment above the monthly interest charge reduces your principal balance.

Example Calculation

Balance $5,000, APR 22.99%, monthly payment $200:

Monthly rate = 22.99% ÷ 12 = 1.916%
Month 1 Interest = $5,000 × 1.916% = $95.83
Month 1 Principal = $200 − $95.83 = $104.17
Payoff in: ~34 months
Total Interest = ~$1,660
'What is a good credit card APR?', 'answer' => 'The average credit card APR in 2025 is around 22%. A rate below 15% is generally considered good. Cards for excellent credit may offer 12–18%. If your rate is above 25%, consider a balance transfer to a 0% APR card or a personal loan to reduce your interest burden.'], ]" />

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