CostCredit Card Payoff Calculator
Estimate payoff time and total interest when you make a fixed monthly payment and add no new charges.
Enter your balance, APR and planned payment.
This planning estimate assumes a constant APR, one payment each month, no fees and no new purchases.
How the payoff estimate works
The calculator applies one month of interest to the remaining balance, subtracts the payment and repeats until the balance reaches zero. The last payment may be smaller than the amount entered. Credit card issuers can use daily balances and different compounding rules, so your statement may vary.
Monthly interest formula
On a $6,500 balance at 21.99% APR, a $250 monthly payment produces an estimated payoff time of about three years and total interest of roughly $2,400 under this simplified monthly model. A higher payment reduces both time and interest.
How to use the result
- Compare several affordable payment amounts rather than relying on the minimum shown on a statement.
- Stop adding new purchases if your goal is to follow the projected payoff path.
- Check whether promotional rates expire or a balance-transfer fee applies.
- Ask the issuer for an exact payoff figure when closing an account or refinancing.
Why the calculator may differ from a statement
Many issuers calculate interest using an average daily balance and a daily periodic rate. Payment dates, new transactions, cash advances, late fees and rate changes can therefore alter actual interest. Use this result as a planning comparison, then verify the schedule against card statements.
Frequently asked questions
Why can a minimum payment take so long?
Interest uses part of each payment, leaving less to reduce principal. A small payment can therefore extend repayment substantially.
What if the monthly payment is too low?
If it does not cover the first month of interest, the balance will not decline under this simplified model.
Does this include new purchases or fees?
No. It assumes no new charges and a constant APR and monthly payment.
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Reviewed for CostMeter V1.5 • September 2026