Turn card balance into a clear payoff plan. Compare payment strategies and see monthly savings. Stay consistent, cut interest, and reach zero faster now.
Sample only. Change inputs to match your card.
| Month | Period | Starting Balance | New Charges | Interest | Payment | Ending Balance |
|---|---|---|---|---|---|---|
| 1 | Mar 2026 | $3,500.00 | $0.00 | $71.69 | $200.00 | $3,371.69 |
| 2 | Apr 2026 | $3,371.69 | $0.00 | $67.89 | $200.00 | $3,239.58 |
| 3 | May 2026 | $3,239.58 | $0.00 | $65.22 | $200.00 | $3,104.80 |
Example assumes 24.99% APR and a $200 fixed payment.
Assumption: new charges are treated as mid-cycle spending, so they accrue about half a month of interest. Real statements vary by issuer and posting dates.
Tip: set monthly new charges to 0 to simulate a true payoff plan.
Payoff speed is driven by how much principal you retire each statement cycle. For a $3,500 balance at 24.99% APR, a $200 fixed payment can reduce the balance steadily, while a minimum-payment rule may stretch repayment for years. This calculator compares approaches side by side, so you can see the trade‑off between short-term cash flow and long-term interest cost. A faster payoff also improves utilization which can support healthier credit behavior over time for households.
APR changes compound quickly. Raising APR from 18% to 27% increases the effective monthly rate and can add hundreds of dollars of interest on mid-sized balances. The daily method approximates compounding using actual days in each month, while the monthly method uses APR/12. The schedule shows the first-period effective rate to make the difference visible.
Continuing to spend during payoff is the biggest reason balances stall. If you add $150 of new charges each month, the statement balance may not decline even with a consistent payment. The model treats new charges as mid‑cycle spending, so they accrue roughly half a month of interest on average. Setting charges to zero produces a clean payoff plan.
Minimum payments are usually defined as a percentage of the statement with a dollar floor, such as 2% or $25. At high APRs, that minimum can be close to the interest-only amount. When new charges persist or payments are too low, the balance can grow, a pattern often called negative amortization. The calculator flags early balance growth so you can adjust faster.
Even small extra payments have an outsized impact because they reduce future interest. Adding $50 per month to a fixed payment typically shortens payoff by several months and lowers total interest materially. If you choose a payoff target, the calculator estimates a required base payment using the standard amortization formula, then lets you layer extra payments on top.
A good plan is trackable. The CSV export supports budgeting tools and spreadsheets, while the PDF export is useful for printing or sharing with a partner. Each row reports starting balance, charges, interest, payment, ending balance, and cumulative totals. Use the chart to spot plateaus, then iterate: lower charges, raise payment, or extend the simulation window.
Use fixed mode to test a steady payment, minimum mode to mirror many statements, and target mode to calculate a payment that finishes within a chosen month count.
Daily compounding uses the number of days in each month to approximate statement interest. The monthly method uses APR/12. Over long schedules, small rate differences can meaningfully change total interest.
New charges increase the statement balance and create additional interest. If charges are large relative to your payment, payoff can stall or reverse. Try lowering charges or increasing payments until the balance trends down.
You can approximate a promotion by entering the lower APR for the full run. If your rate changes later, rerun the calculator from the new balance using the new APR and the remaining months you want.
This typically occurs when payments are too low, new charges are too high, or the simulation limit is short. Increase payment, reduce charges, or raise the maximum months to see whether payoff becomes possible.
It is an educational estimate. The model assumes mid-cycle spending for new charges and uses an effective monthly rate. Issuer rules, posting dates, grace periods, and fees can change real outcomes.
Important Note: All the Calculators listed in this site are for educational purpose only and we do not guarentee the accuracy of results. Please do consult with other sources as well.