Mid-cycle payments shrink interest
Issuers charge interest daily on the average balance. Dropping a payment mid-cycle lowers the balance for the rest of the month—saving more than the same amount on the due date.
Timing win
Credit Card Payoff Time Calculator
Inputs
Currency: £
Mode: Fixed payment
Results
Months to payoff
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Estimated payoff date
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Total interest (projection)
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Total paid
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Principal (starting balance)
Projected interest
Amortization (first 24 months)
| Month | Payment | Interest | Principal | End Balance |
|---|
How this calculator works
If you are trying to pay off a credit card balance, it helps to see a clear timeline and the total interest you will pay along the way. This calculator turns your balance, APR, and payment plan into a month-by-month payoff schedule so you can understand how long it may take and what your payments are really doing.
The idea is simple: interest grows your balance each billing cycle, and your payment reduces it. When your payment is larger than the interest charged, the remaining amount goes toward principal and the balance starts to shrink faster. The calculator simulates that process using your inputs, then reports your payoff date, total interest, and an amortization table.
How to use it:
- Enter your current credit card balance and APR.
- Add your payment amount, or choose a target payoff time so the calculator can estimate the payment needed.
- Include optional monthly new charges if you expect to keep spending.
- Click Calculate to see your payoff timeline, total interest, and monthly breakdown.
- Adjust the payment or target months to compare scenarios.
Why it is useful: a payoff calculator helps you plan a debt payoff strategy, compare minimum payments versus accelerated payments, and understand the tradeoff between a shorter timeline and a lower monthly payment. It is also handy for checking how much a small extra payment can reduce interest costs over time.
What the calculator is doing behind the scenes:
- Monthly rate is estimated as APR / 12.
- Monthly interest is calculated from the current balance and monthly rate.
- Payment rule: the payment is capped so it never exceeds the amount due (balance + interest + new charges).
- Payment first covers interest, and any remainder reduces principal.
These steps produce the schedule you see in the table, including how much of each payment goes to interest versus principal. If you add new charges each month, the calculator shows how that slows payoff. If you select a target month, the solver looks for the smallest payment that pays the balance to zero within that timeframe.
Actual issuer calculations may differ (e.g., daily interest, fees). Always check your statement.
Informational only — not financial advice.
Tips to reach your payoff goal
- Pay more than the minimum: Small increases can remove months from the timeline.
- Pause new spending: Helps every pound/dollar reduce principal.
- Consider rate reduction options: Lower APRs (incl. promos/balance transfers) reduce total interest.
- Automate: Automatic payments help avoid missed due dates and late fees.
This content is informational only and not financial advice.
5 Fun Facts about Card Payoffs
Grace periods can vanish
Once you carry a balance, new purchases often start accruing interest immediately until you fully pay off again. Revolving one month can make next month pricier.
Hidden cost
Transfer fees mimic interest
A 3% balance transfer fee on a 12-month 0% promo is roughly like paying ~3% APR upfront—great if you finish on time, expensive if you don’t.
Promo math
Rounding up pays off big
Rounding a £75 payment to £100 on a £1,500 balance at 25% APR can cut months off payoff; tiny overpayments compound faster than they feel.
Small boosts
Statement date is the “snapshot”
The balance on your statement date anchors interest for that cycle and drives minimums. A lump payment right before closing date can reduce both.
Cycle hack