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
We simulate your balance month-by-month using your APR. Each cycle, we add interest, include any new charges (optional), apply your fixed payment (or a solved payment amount), and reduce the balance. The solver searches for the smallest payment that pays the card off within your target months.
Formulas (simplified)
- Monthly rate ≈ APR / 12
- Monthly interest = balance × monthly rate
- Payment rule: payment is capped so it never exceeds the amount due (balance + interest + new charges)
- Payment first covers interest, remainder reduces principal
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.