CalcQuick · Credit card payoff
Credit Card Payoff Calculator with Fixed Monthly Payments
Enter your current balance, annual interest rate and a fixed monthly payment. Compare payoff times without adding new purchases. The final payment is capped at the remaining balance and estimated interest.
Reviewed and updated:Illustrative inputs: replace rates and costs with your own assumptions.
Monthly estimate: annual rate ÷ 12, payments at month-end, no new spending or fees. Actual card interest is often calculated daily.
Monthly amortization schedule (32)
Month-end loan payments only. Calculations retain full precision; displayed amounts are rounded, so bank schedules can differ by a few cents.
| Month | Payment | Principal | Interest | Remaining balance |
|---|---|---|---|---|
| 1 | $200.00 | $125.00 | $75.00 | $4,875.00 |
| 2 | $200.00 | $126.87 | $73.13 | $4,748.13 |
| 3 | $200.00 | $128.78 | $71.22 | $4,619.35 |
| 4 | $200.00 | $130.71 | $69.29 | $4,488.64 |
| 5 | $200.00 | $132.67 | $67.33 | $4,355.97 |
| 6 | $200.00 | $134.66 | $65.34 | $4,221.31 |
| 7 | $200.00 | $136.68 | $63.32 | $4,084.63 |
| 8 | $200.00 | $138.73 | $61.27 | $3,945.90 |
| 9 | $200.00 | $140.81 | $59.19 | $3,805.08 |
| 10 | $200.00 | $142.92 | $57.08 | $3,662.16 |
| 11 | $200.00 | $145.07 | $54.93 | $3,517.09 |
| 12 | $200.00 | $147.24 | $52.76 | $3,369.85 |
01
How to use this calculator
- Enter your values using the units shown.
- Review the result, which updates instantly.
- Check the formula and assumptions before using the number for a decision.
02
Formula and assumptions
Monthly rate i = annual percentage ÷ 1,200. Monthly interest = opening balance × i. Principal repaid = payment − interest; the last payment cannot exceed balance + interest. Repeat until the balance is zero, up to 1,200 months.
03
Worked example
A 5,000 balance at an assumed 18% annual rate with 200 paid each month takes 32 months in this model. Estimated interest is 1,313.96 and total payments are 6,313.96, in the selected currency.
CalcQuick
Sources and scope
These references support the formula or category guidance. CalcQuick remains responsible for the calculator implementation.
- Credit card interest and daily balancesConsumer Financial Protection Bureau
FAQ
Frequently asked questions
Why does it say my monthly payment is too small?
If the payment is no greater than the first month’s interest, it does not reduce principal in this model. The calculator shows this explicitly instead of inventing a payoff date.
Does this use my card’s minimum-payment formula?
No. The payment stays fixed at the amount you enter. A card issuer may calculate changing minimums and daily interest differently.
Can I export all the estimated payments?
Yes. Open the schedule to download a CSV of every month, including months outside the current page. No card number or account connection is needed.