The Finance Algorithm

Credit Card Payoff Calculator

Plan your debt-free date with a customized payoff strategy

Updated October 2026Built and checked by MaverickHow it's calculatedReport an error

Your numbers

Updates as you type
$
$8k
%
21.24%

Purchase rate from your statement

$
$400
18
$
$0

The button asks our AI to explain these figures in words.

Credit card payoff plan

Required payment

$412/mo

Pay off in 24 months

Debt-free in

24 mo

2.0 years

Total interest

$1,889

$9,889 total

Stop using card?

Yes

principal-only

Required monthly payment by timeframe

Paying it off sooner means bigger payments, but far less interest overall.

$74612 mo$950 interest$41224 mo$1,889 interest$30236 mo$2,886 interest$21860 mo$5,050 interest

Faster payoff = less interest

Stretching the payoff to chase a lower monthly payment hurts most on interest cost.

$95012 mo$1,88924 mo$2,88636 mo$5,05060 mo

Your payoff path

A steeper drop early = more principal payments. Curve flattens as interest accrues on a smaller balance.

$0$2,000$4,000$6,000$8,000Mo 0Mo 5Mo 10Mo 14Mo 19Mo 24
Automate the payment. Set up a direct debit for the required amount on payday so it's gone before you spend it. Treat the card as locked until the balance is zero: every dollar of new spend extends your payoff date.

How it works

A payoff plan sets either a date or a monthly amount and works out the other. Enter your balance and rate, choose a timeframe or a payment, and the calculator shows what it takes to clear the card, the interest along the way, and how other timeframes compare.

  1. 1Enter your current balance and interest rate
  2. 2Choose your payoff goal (time or payment)
  3. 3Say whether you'll keep spending on the card
  4. 4See your required payment or payoff date
  5. 5Compare the payment and interest for 12, 24, 36 and 60 months

The figures today

As of 7 November 2026, the lowest credit card purchase rate is 7.49%, from Unity Bank's Low Rate Visa Credit Card, while the typical best across 51 institutions is 12.49%.

Credit card rates

Worked examples

24-Month Payoff Plan

$8,000 balance at 19.99% a year, goal to pay off in 24 months with no new spending.

Current balance
$8,000
Interest rate
19.99%
Payoff goal
Pay off in 24 months
Monthly payment (if setting payment)
$400
Target months (if setting date)
18
Will you continue using the card?
No - stop using completely
Monthly spending (if continuing to use)
$0

Required payment: $407 a month. Total interest: $1,771. Stretching the plan to 36 months drops the payment to $297 but raises the interest to $2,702.

Questions people ask

How is the required payment worked out?
It's the fixed monthly payment that clears the balance, with interest, by the end of the timeframe. If you keep spending on the card, that spending is added to the payment.
What if I can't afford the required payment?
Try a longer timeframe or enter the payment you can afford to see when the card would be clear. Moneysmart's guide to paying off a credit card has more on the options.
Does it include new purchases?
Only if you choose to keep using the card and enter your monthly spending. That amount is added to the balance each month, so the payment has to cover it too.

The terms, in plain English

Debt Avalanche
Paying off the highest interest debt first while making minimums on others.
Debt Snowball
Paying off the smallest balance first while making minimums on others.
Payoff Date
The date when your balance reaches zero with consistent payments.

Official sources

Interest Calculator

See your interest costs

Balance Transfer

Weigh a promotional rate against its fee

Debt Consolidation

Combine multiple debts