The calculation, without hidden assumptions
A useful payoff calculator has to answer both versions of the question: “If I can pay this much each month, when does the balance reach zero?” and “If I want the balance gone in this many months, what fixed payment would the model require?” This workspace runs the balance month by month, so recurring new charges and an annual fee can stay visible instead of disappearing inside a closed-form shortcut.
How to use this calculator
Enter the current statement balance and APR, then include only recurring spending and annual fees you genuinely expect to keep adding.
Choose whether to solve from a fixed monthly payment or from a target number of payoff months.
Compare payoff time, interest, total modeled outflow and the month-by-month balance before deciding what assumption to change.
Where people use it
- •Comparing two possible monthly card payments
- •Estimating the payment needed for a target payoff timeline
- •Seeing how continued card spending changes a payoff plan
Example: compare a fixed payment with a target date
For a 5,000 balance at 20% APR, the monthly interest starts near 83.33 before any new spending or fees. A 250 payment reduces principal much faster than a payment that only covers interest, while target-month mode solves the fixed payment needed under the same assumptions.
What the result does not assume
- •Real issuers may compound interest daily, use average daily balances, change APRs, assess fees on different dates, and apply minimum-payment rules that this monthly model does not reproduce.
- •This is an educational cash-flow estimate, not individualized debt or lending advice. Verify statement terms and actual transactions.
Frequently asked questions
Can this solve for the monthly payment instead of payoff time?+
Yes. Choose target-month mode and enter the number of months; the calculator searches for a fixed monthly payment that amortizes the modeled balance in that period.
Why include new monthly spending?+
A payoff plan can look unrealistically fast if the model assumes the card stops receiving charges when you expect to keep using it.
Why can my statement differ from this result?+
Card issuers may use daily balance methods, statement-cycle timing, variable APRs and fee rules that differ from this transparent monthly approximation.
Semantic next steps
Continue the calculation
These links move to a different input, formula or project stage rather than a keyword variation of this page.
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