Credit Card Payoff Calculator
Find out how long it takes to clear a credit card balance with a fixed monthly payment, and how much interest you will pay on the way.
- Total interest
- £0
- Total repaid
- £0
- Interest in the first month
- £0
How it works
Interest is added to the balance each month at the monthly equivalent of the card’s APR, then your payment comes off. The calculator repeats this until the balance reaches zero.
Things this calculator does not include
- New spending on the card.
- Different rates for purchases, cash advances and balance transfers.
- Late fees or changes to your rate.
If repayments feel unmanageable, speak to a free debt adviser early. See Money Helper debt advice.
Frequently asked questions
Why does it say my balance will never clear?
If your monthly payment is no more than the interest charged that month, the balance never falls. Raise the payment above the interest figure shown.
Is a minimum payment enough?
Minimum payments are designed to cover interest plus a small share of the balance, so clearing a card this way can take many years and cost a lot in interest. A fixed higher payment is usually far cheaper.
Does this work with 0% balance transfer cards?
Enter 0 as the APR to see how long a balance takes to clear during a 0% period. Check the transfer fee and the rate that applies once the offer ends.
Where can I get help with debt?
MoneyHelper, StepChange and Citizens Advice all offer free, impartial debt advice.
These results are estimates for general information only and are not financial or tax advice. See our disclaimer.