Personal finance
Credit card payoff with fixed payments
Estimate payoff time and interest for one balance under a fixed APR and fixed total monthly payment, without new charges or fees.
Your inputs
Complete the fields for your selected method. Zero means intentionally zero, not unknown. Currency selection labels amounts; it does not convert exchange rates.
How this calculation works
monthly interest = balance × APR / 12; payment is capped at remaining balance plus interest; principal paid = payment - interest
One fixed-rate balance with no new transactions, fees, rate changes or changing minimum payments. Enter the total fixed payment, not an extra amount to add to a separate minimum. Payments occur after each modeled month’s interest and the final payment is capped. No promise that a payment complies with the card agreement or avoids penalties is made. Internal balances are not rounded to statement cents each month.
What information do I need?
Use records for the same job, equipment or accounting period. Only the fields for your selected entry method are required. An unknown amount is not zero.
Input definitions and where to find them
- Current card balance (selected currency): Use matching records or a clearly stated assumption for the indicated period. Prefilled figures are illustrative. An unknown value is not zero.
- Assumed fixed annual percentage rate (%): Use matching records or a clearly stated assumption for the indicated period. Prefilled figures are illustrative. An unknown value is not zero.
- Fixed total monthly payment (selected currency): The fixed total monthly payment you plan to make, not just the minimum percentage or an extra amount above another payment.
Use the Where to find this value controls beside the inputs for available work-it-out helpers. Estimates remain your assumptions; a helper does not verify the source figures.
Worked example
Example amounts use US dollars (USD).
Example answer: Modeled payoff time is 24 months for the illustrative inputs below.
Example inputs
- Current card balance: $3,000.00
- Assumed fixed annual percentage rate: 18.00 %
- Fixed total monthly payment: $150.00
- Modeled payoff time
- 24 months
- Interest through full payoff
- $593.48
- Total payments through full payoff
- $3,593.48
- First month’s modeled interest
- $45.00
- Remaining balance at calculation end
- $0.00
- Simplified APR/12 monthly model. Card issuers commonly accrue interest daily and can apply multiple APRs, grace periods and payment-allocation rules; actual statements can differ.
These illustrative values are not recommended rates or industry averages. Replace every example input with your own figures.
Use the result well
Estimate payoff time and interest for one balance under a fixed APR and fixed total monthly payment, without new charges or fees.
Keep inputs on the same scope and time basis. Calculations retain precision internally; displayed values generally round to two decimal places, with extra precision for very small values and whole-unit rounding where required. Economic comparisons describe your supplied assumptions and do not guarantee future results.
This tool provides business arithmetic. It does not approve engineering designs, establish legal or tax treatment, select equipment or certify safe operating conditions.