How does the credit card payoff calculator work?

Enter your current balance, annual interest rate (APR) and your monthly payment. The calculator shows how many months to pay off the debt, the total amount paid and total interest charged.

APR (Annual Percentage Rate) is the annual interest rate charged on your credit card balance. In the UK, typical credit card APR is 20-25%. You can find your APR on your credit card statement.

Credit Card Payoff Calculator

See how long it takes to clear your credit card balance and exactly how much interest you will pay. Enter your balance, APR and monthly payment.

Current balance (£)

Annual interest rate / APR (%)

Monthly payment (£)

About This Tool

What it does

Calculates how long it will take to pay off a credit card balance and the total interest you will pay. Adjust your monthly payment to see how even a small increase dramatically reduces payoff time and interest paid.

Who it's for

Anyone with credit card debt wanting to understand the true cost and create a payoff plan. Particularly useful for those paying minimum payments who want to see the impact of increasing their monthly payment.

Your privacy

All calculations happen in your browser. No financial data is transmitted or stored anywhere.

⚠️ For informational purposes only. Results are estimates and do not constitute financial advice. Always consult a qualified financial adviser for personal decisions. ToolBullet is not regulated by the FCA, SEC, ASIC, MAS or any financial regulatory body.

Frequently Asked Questions

How does the payoff calculator work?

Enter your balance, APR and monthly payment. The calculator simulates each monthly payment — applying interest first, then reducing the principal — until the balance reaches zero. It shows months to payoff, total paid and total interest.

Why does paying the minimum take so long?

Minimum payments are typically 1-3% of the balance. At high APRs (often 20-25%), most of each minimum payment covers interest rather than reducing the principal. Even a small increase in monthly payment makes a dramatic difference.

What is APR?

APR (Annual Percentage Rate) is the annual interest rate on your credit card balance. UK credit card APR is typically 20-25%. Find yours on your monthly statement or card provider website.

Credit Card Payoff Calculator

About This Tool

Frequently Asked Questions

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