Credit card payoff calculator
Enter your card balance, its APR and what you pay each month to see how long the card takes to clear and the total interest. Then add an amount on top: the payoff line shortens as you do, and the headline says how much sooner you are debt-free and what you save. Figures assume no new spending.
Worked example, illustrative only
A £5,000 balance at 22.9% APR, paid at £200 a month, takes 2 years 11 months to clear and costs £1,860 in interest. Add £50 a month and it clears 9 months sooner, saving £502. Illustrative only, not a quote or advice.
How it works
- Each month, interest is charged on the balance (APR divided by 12), then your payment first covers that interest and the rest reduces the balance.
- Early on, most of a minimum-ish payment goes on interest; as the balance falls, more of each payment clears the debt, so the last months move fastest.
- A fixed payment clears the card in a fixed time. Paying more each month cuts both the time and the total interest, often by more than you expect.
- This assumes you add no new spending to the card. New purchases restart the interest on that amount and push the date back.
Frequently asked questions
How is the payoff time worked out?
The calculator simulates the card month by month: it charges interest on the current balance (the APR divided by 12), takes your payment, applies the interest first and reduces the balance with the rest, and repeats until the balance reaches zero. It assumes a fixed monthly payment and no new spending.
How much sooner will I clear my card if I pay more?
Move the extra amount and the calculator shows it: the new payoff time, how many months sooner that is, and the interest saved. On a typical balance a modest extra amount can take many months off, because it all goes on the balance rather than on interest.
Why does paying just £50 more a month help so much?
Interest is charged on the whole outstanding balance, so every extra pound of principal you clear stops future interest on that pound for the rest of the term. Adding a fixed amount on top of your payment attacks the principal directly, which compounds into a noticeably earlier debt-free date and less total interest.
What happens if my payment is too low to clear the card?
If your monthly payment is less than the first month's interest, the balance never falls and the card is never cleared. The calculator flags this so you can see the minimum payment needed to make real progress.
Is this financial advice?
No. It is an indicative planning estimate using the figures you enter, not advice, a quote, or a credit decision. Your card's terms, any fees, and changes to the Bank of England base rate can all affect the real numbers.
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This calculator gives an indicative planning estimate from the figures you enter. It is not advice, a quote, or a credit decision, and CoreFi does not offer or arrange personal credit. CoreFi is a trading name of JG Core Ltd (company 16218779). Figures reviewed September 2026.