Credit Card Payoff Calculator
Enter your current credit card balance, APR, and the monthly payment you can make. The calculator will tell you exactly how many months it will take to clear the balance and the total interest charged.
How it's calculated
Each month: Interest = Balance × (APR ÷ 12)New balance = Balance + Interest − Monthly payment
Repeat until balance reaches zero.
Frequently Asked Questions
- What happens if my payment is less than the monthly interest?
- If your monthly payment does not cover the interest added each month, your balance will grow rather than shrink. The calculator will flag this and the debt will never be cleared at that payment level.
- Why does a small increase in monthly payment save so much interest?
- Credit card interest compounds monthly. Even an extra £20–£50 per month reduces the principal faster, which reduces future interest charges, creating a compounding saving effect over time.
- What is a typical credit card APR in the UK?
- The average UK credit card APR in 2024 is around 24–26%. Some cards charge as little as 0% on promotional balances, while others can exceed 40% for those with poor credit histories.