Credit Card Payoff Calculator – Fixed Monthly Payments
Estimate payoff time with a fixed monthly rate, fixed payments and no new spending.
Formula
Monthly interest = balance × annual% / 1200; subtract payment; reduce the final payment.
Current balance = 5,000 · Nominal annual rate (%) = 18 · Fixed monthly payment = 200
How to use
- Enter the current balance and rate.
- Set a payment above monthly interest.
- Review payoff months, interest and final payment.
Examples
- 1000 at 12% annually with payments of 600: 2 months, interest 14.10.
Frequently asked questions
Will this match my card statement?
Not exactly. Cards often use daily balances, variable rates and fees; this model compounds monthly.
What if payment is too low?
A payment no greater than monthly interest is rejected, as is a term over 1200 months.
Are new purchases or fees included?
No. Keep payments fixed and include no new borrowing; contact the lender for an actual payoff quote.
Sources
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