Finance & Money

Credit Card Payoff Calculator

Credit card interest can turn a manageable balance into a long-term cost if you only pay the minimum. Seeing months to clear and total interest side by side makes the impact of a higher fixed payment obvious.

This free calculator estimates payoff time from your balance, APR and monthly payment. You can also reverse the problem: choose a target number of months and see the payment needed. Maths runs privately in your browser.

It assumes a fixed APR, no new spending and no fees. 0% balance transfers, cash advances and changing promotional rates are not modelled — use your statement figures for planning only.

Illustrative compound monthly interest · not a lender quote

UK cards often quote a representative APR. Real interest, fees and promotional 0% periods differ. This model assumes a fixed APR and fixed monthly payment with no further spending.

Card balance (£)

APR (%)

Annual percentage rate on purchases

Monthly payment (£)

Examples:

Payoff with your monthly payment

Time to clear34 months (~2.8 years)

Total paid£3,374.94

Total interest£874.94

Interest share of total25.9%

Or: payment to clear in a target time

Target months

e.g. 12, 24 or 36

Suggested monthly payment

£129.70

Est. interest: £612.69 · total paid: £3,112.69

Guidance only — not advice. Minimum payments, cash advances, late fees and 0% intro periods are not modelled. Check your statement and FCA guidance if you are in financial difficulty.

How to use this tool

Enter the outstanding balance you want to clear.
Enter the purchase APR (or the rate that applies to this balance).
Enter the fixed monthly amount you can afford to pay.
Review months to clear, total paid and total interest.
Optionally set a target term to see the payment required to finish on time.

Why minimum payments take so long

Minimum payments are often a small percentage of the balance plus interest. Early on, a large share of each payment can go to interest, so the principal falls slowly. Raising the payment even modestly can cut years and hundreds of pounds of interest.

If your payment does not cover the monthly interest charge, the balance grows — this tool warns when that happens. In that case you need a higher payment, a lower rate (for example a balance transfer if suitable), or both.

UK context and getting help

APRs and representative examples on UK cards are regulated; your personal rate may differ. If debt feels unmanageable, free advice is available from services such as StepChange, National Debtline or MoneyHelper — this calculator is not debt advice.

Frequently asked questions

Does this use compound interest?

Yes. Interest is modelled monthly as APR ÷ 12 applied to the remaining balance, then your payment is subtracted — a common approximation of statement interest.

Why does it say the payment never clears the balance?

If the monthly payment is less than or equal to the first month’s interest, the balance does not fall. Increase the payment or reduce the rate.

Are fees and new purchases included?

No. Late fees, cash advance fees and continued spending are excluded. Assume you stop using the card for new purchases.

Is this the same as a loan calculator?

Related maths, but cards revolve monthly. For a fixed personal loan with a set term, use the Loan Repayment Calculator.

Is my data stored?

No. Nothing is sent to a server.