Credit Card Payment Calculator — Monthly Payment for Target Payoff
Choose a payoff deadline and instantly find the monthly payment that gets you there — enter your balance, APR and the number of months you want to be debt-free.
%
months
Fixed payment needed to clear the balance in exactly the specified months
6,107.5
total paidPrincipal
81.9%
Total interest
18.1%
- 1
Monthly rate
r = 20% ÷ 12 ÷ 100 = 0.016667 - 2
Growth factor
(1 + r)ⁿ = 1.016667ⁿ = 1.4869How much $1 grows over the payoff period at the monthly rate. - 3
Monthly payment
5,000 × 0.016667 × 1.4869 ÷ (1.4869 − 1) = 254.48
How does this calculator work?
Monthly payment M = P × r × (1+r)^n / ((1+r)^n−1), where P = balance, r = APR/12/100, n = months. This is the PMT formula — identical to a mortgage amortisation calculation. Shorter n means higher M but far less total interest paid. Use this to set a concrete payment target and payoff date.
Formula
How this is calculated
This uses the standard loan amortisation formula — the same equation behind every mortgage and car-loan payment. You specify how many months you want to clear the debt in, and the calculator solves for the fixed monthly payment M. Each month, interest accrues on the outstanding balance and your payment covers it first; any surplus reduces the principal, so the balance reaches exactly zero after n payments.
Comparing different payoff timelines reveals a useful trade-off: a shorter deadline requires a higher payment but saves substantially on total interest, because the balance is eliminated before it can accumulate months of charges. Conversely, stretching the timeline lowers the monthly obligation but dramatically raises the total cost — halving the monthly payment can more than double the total interest.
Note that credit card APRs are usually variable and tied to a benchmark rate. If your rate rises during the payoff period, recalculate with the new APR to stay on schedule. The donut chart shows how your total payment breaks down between the original balance and the interest cost.
Frequently asked questions
Minimum payments are designed to keep you in debt for years — they barely cover the interest. This calculator lets you choose a target payoff date and finds the fixed payment that hits it precisely, typically much higher than the minimum but completing in a fraction of the time.
Credit card APRs are typically variable and can rise with market rates. If your rate increases, recalculate using the new APR and the remaining balance and months. Many cards notify you of rate changes in advance.
Credit card APRs (15–30%) nearly always exceed long-run investment returns (historically ~7–10%). Paying off high-rate card debt is mathematically equivalent to a guaranteed after-tax return equal to the APR — usually the best return available with spare cash.
Also known as
TG we-Calculate Editorial Team. (2026). Credit Card Payment Calculator — Monthly Payment for Target Payoff [Online calculator]. TG we-Calculate. https://we-calculate.com/calculator/credit-card-payment-calculator
TG we-Calculate Editorial Team. "Credit Card Payment Calculator — Monthly Payment for Target Payoff." TG we-Calculate. 2026. https://we-calculate.com/calculator/credit-card-payment-calculator.
TG we-Calculate Editorial Team, "Credit Card Payment Calculator — Monthly Payment for Target Payoff," TG we-Calculate, 2026. [Online]. Available: https://we-calculate.com/calculator/credit-card-payment-calculator
@misc{wecalculate_credit_card_payment_calculator, title = {Credit Card Payment Calculator — Monthly Payment for Target Payoff}, author = {{TG we-Calculate Editorial Team}}, howpublished = {\url{https://we-calculate.com/calculator/credit-card-payment-calculator}}, year = {2026}, note = {TG we-Calculate} }
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