This calculator is just an educational tool and your results may vary depending on your situation.
Here's what would happen if you adjusted the monthly payments:
How the calculator works
This calculator factors in a balance, interest rate (APR) and monthly payment amount to estimate a payoff period and the total interest paid.
Our Credit Card Payoff Calculator assumes the following:
- Monthly payment is at least the Minimum Payment Due, which is calculated as the higher of $35 or 2% of the balance
- Monthly payment is made at the beginning of the billing cycle
- There are no other existing balances or new transactions made on the account
- Interest compounds daily (and daily balance method is used)
- There is a fixed APR
- Payment stays consistent during entire pay-down period, even if the Minimum Payment Due decreases
- Your interest charges will vary
- For specific advice about your unique circumstances, you may wish to consult a qualified professional