Credit card payoff calculator
Enter your card balance, its APR and the fixed amount you pay each month to see how many months until the card is clear, your debt-free date, and the total interest you will pay. Paying more each month clears it sooner and costs less in interest. Figures assume you add no new spending to the card.
The UK average purchase APR is around 23%.
The fixed amount you pay each month.
Indicative planning estimate from the figures you enter, not advice, a quote, or a credit decision. Reviewed July 2026.
Each payment: interest vs principal
Balance down to zero
Watch this payoff date move as you pay down
Track all your debts, income and net worth free. No card required.
Worked example
For a £5,000 balance at 22.9% APR, the time to clear is 35 mo. Total interest: £1,860. Total repaid: £6,860. Cleared sooner if you add £50/mo: 9 mo.
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.
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.
This calculator gives an indicative planning estimate from the figures you enter. It is not advice, a quote, or a credit decision. CoreFi is a trading name of JG Core Ltd (company 16218779). Figures reviewed July 2026.