Credit Card Payment Calculator: Pay Off by a Date

Monthly payment by payoff time
Months	Monthly payment	Total interest	Total paid
12	$562.00	$744.02	$6,744.02
24 your term	$311.71	$1,481.14	$7,481.14
36	$229.61	$2,265.91	$8,265.91
48	$189.53	$3,097.04	$9,097.04
60	$166.23	$3,973.42	$9,973.42

Month-by-month payment schedule
Month	Payment	Interest	Principal	Balance
1	$311.71	$110.75	$200.96	$5,799.04
2	$311.71	$107.04	$204.67	$5,594.37
3	$311.71	$103.26	$208.45	$5,385.92
4	$311.71	$99.42	$212.29	$5,173.63
5	$311.71	$95.50	$216.21	$4,957.42
6	$311.71	$91.51	$220.20	$4,737.22
7	$311.71	$87.44	$224.27	$4,512.95
8	$311.71	$83.30	$228.41	$4,284.54
9	$311.71	$79.09	$232.62	$4,051.92
10	$311.71	$74.79	$236.92	$3,815.00
11	$311.71	$70.42	$241.29	$3,573.71
12	$311.71	$65.96	$245.75	$3,327.96
13	$311.71	$61.43	$250.28	$3,077.68
14	$311.71	$56.81	$254.90	$2,822.78
15	$311.71	$52.10	$259.61	$2,563.17
16	$311.71	$47.31	$264.40	$2,298.77
17	$311.71	$42.43	$269.28	$2,029.49
18	$311.71	$37.46	$274.25	$1,755.24
19	$311.71	$32.40	$279.31	$1,475.93
20	$311.71	$27.24	$284.47	$1,191.46
21	$311.71	$21.99	$289.72	$901.74
22	$311.71	$16.64	$295.07	$606.67
23	$311.71	$11.20	$300.51	$306.16
24	$311.81	$5.65	$306.16	$0.00
Total	$7,481.14	$1,481.14	$6,000.00	$0.00

This credit card payment calculator tells you the fixed monthly payment that clears your balance in the number of months you choose. Enter your balance, APR and target months. You get the payment, the total interest and the total you’ll pay, plus a table comparing payoff in 12, 24, 36, 48 and 60 months.

How to use this calculator

Enter your balance, from your latest statement or your card’s app.
Enter your APR. Use the purchase APR. If you’re on a promo rate, use the balance transfer calculator instead.
Enter the months you want to pay it off in. Twelve months means debt-free in a year. Thirty-six months matches the payoff estimate printed on your statement.

What the results mean

Monthly payment: The fixed amount to pay every month. The last payment can be a few cents different, because it covers exactly what's left.
Total interest: The interest you pay over the whole term at that payment.
Total paid: Your balance plus the total interest.
Payment table: The payment and total interest for 12, 24, 36, 48 and 60 months side by side. It shows the trade clearly: a shorter term means a bigger payment and less interest.

These figures assume you stop adding charges to the card. Every new purchase raises the balance and the payment you’d need.

Worked example

Say you owe $8,000 on a card at 21.99% APR. Here’s what each term costs.

Months	Monthly payment	Total interest
12	$748.72	$984.61
24	$414.99	$1,959.63
36	$305.48	$2,997.41
48	$252.01	$4,096.16
60	$220.91	$5,254.20

Going from 60 months to 36 raises the payment, cuts two years off the debt and lowers the total interest. If the 36-month payment fits your budget, it is the same kind of number your statement shows as the 3-year payoff amount.

The 36-month number on your statement

Federal rules require card statements to show two estimates: how long it takes to pay off the balance with only minimum payments, and the monthly payment that pays it off in 36 months, with the total cost of each. The 36-month box is left off when paying the minimum would already clear the balance in three years or less. Enter your balance, APR and 36 here to check it. Small differences are normal, since issuers may use a daily rate or a weighted APR across balances.

How we calculate this

The payment comes from the standard loan formula for your balance, the APR divided by 12, and the number of months, rounded to the nearest cent. The calculator then runs the schedule month by month, rounding interest to the cent, and folds any leftover cents into the final payment so the totals match exactly. See the methodology page.

Credit card payoff calculator: start from a payment and find the date.
How to pay off credit card debt: finding room for a bigger payment.
Debt payoff calculator: several cards at once.

FAQ

How much should I pay on my credit card each month?

Enough to clear the balance by a date you choose and can afford. Enter the balance, APR and a target like 24 or 36 months above to get a fixed payment. If you can pay the full statement balance each month, you avoid interest on purchases entirely when your card has a grace period.

What is the monthly payment on $8,000 of credit card debt?

At 21.99% APR, paying off $8,000 in 36 months takes $305.48 a month. In 24 months it takes $414.99, and in 12 months $748.72. A higher or lower APR changes all three figures, so enter your own rate above for an exact number.

Why is the payment higher than my minimum?

Your minimum is set to keep the account current, not to pay the card off by any date. If it’s a percentage of the balance, it shrinks as the balance falls, which stretches the payoff out. A fixed payment for a set number of months stays the same, so more of it goes to principal each month as interest falls.

Is it better to pick a shorter or longer term?

A shorter term costs less interest but needs a bigger payment. A longer term is easier each month but costs more overall. Pick the shortest term whose payment you can keep up every month, including slow months. A plan you can keep up every month is worth more than a faster one you miss.

What if I have more than one card?

Use the debt payoff calculator to plan them together. It keeps your total monthly payment fixed and sends the extra to one card at a time, highest rate or smallest balance first. When one card is paid off, its payment moves to the next card, and the plan shows the month each one hits zero.

Credit Card Payment Calculator

Payments from 12 to 60 months