Free credit card repayment calculator
Find the monthly payment needed to pay off a credit card by a target date — enter balance, APR, and payoff timeline, updated live, as you type.
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Estimate only. Actual interest depends on daily periodic rate and billing cycle. Minimum payment formula varies by issuer.
Results are estimates. Consult a professional.
How the credit card repayment calculator works
This calculator solves two closely related questions: (1) given a fixed monthly payment, how many months until the balance hits zero and how much total interest will you pay? (2) given a target payoff timeline in months, what fixed monthly payment is required? Both questions use the same amortisation formula, just solved in opposite directions.
Worked example: paying off $8,000 in exactly 24 months
Sam carries an $8,000 credit card balance at 22% APR and wants to be completely debt-free in exactly 24 months. What fixed monthly payment is needed, and how much interest will be paid?
Required monthly payment by balance, APR, and payoff target
Use the table below to find the monthly payment needed to eliminate a balance in a fixed number of months. All figures assume a constant APR and no new charges.
| Balance | APR | 12 months | 18 months | 24 months | 36 months |
|---|---|---|---|---|---|
| $3,000 | 20% | $278/mo | $192/mo | $148/mo | $111/mo |
| $3,000 | 22% | $280/mo | $194/mo | $150/mo | $114/mo |
| $5,000 | 20% | $464/mo | $320/mo | $247/mo | $186/mo |
| $5,000 | 22% | $467/mo | $323/mo | $250/mo | $190/mo |
| $8,000 | 20% | $742/mo | $512/mo | $396/mo | $297/mo |
| $8,000 | 22% | $747/mo | $517/mo | $415/mo | $304/mo |
| $12,000 | 20% | $1,113/mo | $768/mo | $594/mo | $446/mo |
| $12,000 | 22% | $1,120/mo | $775/mo | $601/mo | $456/mo |
Source: CFPB. Estimates assume monthly compounding, fixed APR, and no new purchases. Total interest paid = (months × payment) − original balance.
Tips for staying on a repayment plan
Setting a payoff target and computing the required payment is the easy part. The harder part is maintaining that payment every month. These habits make it stick.
- Automate the exact payment amount — Set up an automatic payment for your calculated monthly amount, not just the minimum. Automation removes the willpower requirement entirely.
- Freeze new spending on the card — Each new purchase restarts the amortisation clock. Remove the card from digital wallets and online accounts until the balance is gone.
- Apply windfalls immediately — Tax refunds, bonuses, and gifts applied directly to the balance shorten the timeline and reduce total interest — run the calculator again after each lump-sum payment.
- Track progress monthly — Check that your balance is declining by roughly the principal-reduction amount each month (payment minus interest). A balance that barely moves signals a problem.
- Avoid balance-transfer fees that exceed the interest saved — A 0% transfer offer is only beneficial if the transfer fee (3–5%) is less than the interest you'd pay over the promotional period at your current APR.
Accuracy and limitations
The calculator assumes a fixed APR, monthly compounding, a constant payment, and no new purchases or fees added to the balance. Credit card issuers typically use daily compounding on the average daily balance, which can produce slightly different results. Actual payoff dates may also vary with payment timing within the billing cycle. Use these figures for planning and goal-setting rather than as a precise repayment schedule.
Not financial advice — consult a financial professional for your specific situation.
Credit card repayment terms defined
About this credit card repayment calculator
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