# When is my credit card payoff date?

Computes the debt-free date, total interest, and payoff order for up to five credit cards paid by the avalanche method (highest APR first), and the interest an extra monthly payment saves.

- Page: https://www.acalculator.org/finance/credit-card-payoff-calculator
- JSON spec: https://www.acalculator.org/finance/credit-card-payoff-calculator.json
- Version: 2902d652a53a

## Default answer

Example with the default inputs (Card name Credit Card 1, Current balance $5,000.00, APR 18.99%, Minimum payment $150.00, Extra each month $100.00, Today’s date October 5, 2026) on the example date Monday, October 5, 2026: Paying $250.00 a month clears every card in 25 months, with $1,059.31 of interest in total.

## Inputs

| Key | Label | Description |
| --- | --- | --- |
| name1 | Card name | A name for card 1, to tell the cards apart. |
| balance1 | Current balance | What you owe on card 1 today. |
| apr1 | APR | The yearly interest rate of card 1. The monthly rate is this divided by 12. |
| minPayment1 | Minimum payment | The minimum monthly payment of card 1, from your statement. It stays the same every month. |
| name2 | Card name | A name for card 2, to tell the cards apart. |
| balance2 | Current balance | What you owe on card 2 today. |
| apr2 | APR | The yearly interest rate of card 2. The monthly rate is this divided by 12. |
| minPayment2 | Minimum payment | The minimum monthly payment of card 2, from your statement. It stays the same every month. |
| name3 | Card name | A name for card 3, to tell the cards apart. |
| balance3 | Current balance | What you owe on card 3 today. |
| apr3 | APR | The yearly interest rate of card 3. The monthly rate is this divided by 12. |
| minPayment3 | Minimum payment | The minimum monthly payment of card 3, from your statement. It stays the same every month. |
| name4 | Card name | A name for card 4, to tell the cards apart. |
| balance4 | Current balance | What you owe on card 4 today. |
| apr4 | APR | The yearly interest rate of card 4. The monthly rate is this divided by 12. |
| minPayment4 | Minimum payment | The minimum monthly payment of card 4, from your statement. It stays the same every month. |
| name5 | Card name | A name for card 5, to tell the cards apart. |
| balance5 | Current balance | What you owe on card 5 today. |
| apr5 | APR | The yearly interest rate of card 5. The monthly rate is this divided by 12. |
| minPayment5 | Minimum payment | The minimum monthly payment of card 5, from your statement. It stays the same every month. |
| extra | Extra each month | An amount paid each month on top of all the minimums. It goes to the card with the highest APR. |
| start | Today’s date | The day the balances are from. The next payment is one month later. Leave it empty to count months without dates. |

## Outputs

| Key | Label | Description |
| --- | --- | --- |
| months | Months until debt-free | The number of monthly payments until every card is paid off. |
| time | Time to be debt-free | The months until every card is paid off, in years and months. |
| payoff | Debt-free in | The month of the last payment, when today’s date is given. |
| interest | Total interest | All the interest paid on all cards until they are paid off. |
| paid | Total payments | The balances plus all the interest. |
| monthly | Paid each month | All the minimum payments plus the extra. It stays the same until the last month. |
| baseInterest | Interest with minimums only | The total interest when you pay only the minimums (still rolled into the next card). |
| saved | Interest you save | The interest the extra monthly payment saves, compared with paying only the minimums. |
| sooner | Months saved | How many months sooner the cards are paid off with the extra payment. |
| months1 | Months to pay off card 1 | The number of monthly payments until card 1 is paid off. |
| months2 | Months to pay off card 2 | The number of monthly payments until card 2 is paid off. |
| months3 | Months to pay off card 3 | The number of monthly payments until card 3 is paid off. |
| months4 | Months to pay off card 4 | The number of monthly payments until card 4 is paid off. |
| months5 | Months to pay off card 5 | The number of monthly payments until card 5 is paid off. |

## Method

Each month, every card is charged balance × APR ÷ 12, then paid its minimum; the rest of the monthly total (all minimums plus the extra) goes to the card with the highest APR, then the next, until every balance is zero.

## Assumptions

- Interest is charged monthly at APR ÷ 12 on the balance at the start of the month; card issuers charge daily, so a statement can differ a little.
- Each minimum payment stays the same every month. When a card is paid off, its minimum goes to the next card, so the monthly total stays the same.
- The extra goes to the card with the highest APR (the avalanche method); equal APRs are paid in the order entered.
- No new purchases, fees, or promotional rates.
- The page follows the cards for up to 50 years (600 months).
- Values are not rounded to the cent between months; only the display is rounded.

## Worked examples

1. name1 = A, balance1 = $3,000.00, apr1 = 24.99%, minPayment1 = $90.00, name2 = B, balance2 = $1,500.00, apr2 = 15.99%, minPayment2 = $45.00, extra = $100.00 gives months = 24, months1 = 20, months2 = 24, interest = $1,031.88, saved = $1,583.39. Source: Consumer Financial Protection Bureau, How to reduce your debt (the highest interest rate method and the snowball method). https://www.consumerfinance.gov/about-us/blog/how-reduce-your-debt/.
2. balance1 = $5,000.00, apr1 = 18.99%, minPayment1 = $150.00, extra = $100.00, start = 2026-10-01 gives months = 25, interest = $1,059.31, paid = $6,059.31, saved = $1,103.32, sooner = 23, payoff = 2028-11-01. Source: Consumer Financial Protection Bureau, How to reduce your debt (the highest interest rate method and the snowball method). https://www.consumerfinance.gov/about-us/blog/how-reduce-your-debt/.
3. balance1 = $5,000.00, apr1 = 0%, minPayment1 = $100.00, extra = $0.00 gives months = 50, interest = $0.00, paid = $5,000.00. Source: Consumer Financial Protection Bureau, How to reduce your debt (the highest interest rate method and the snowball method). https://www.consumerfinance.gov/about-us/blog/how-reduce-your-debt/.

## FAQ

### How does the debt snowball method work?

The debt snowball method prioritizes paying off your smallest credit card balance first, regardless of interest rate. You pay the minimum on all cards except the smallest one, where you apply all extra payments. Once the smallest card is paid off, you roll that payment amount to the next smallest card, creating a 'snowball' effect that grows as you eliminate each debt.

### Should I use the debt snowball or debt avalanche method?

The debt snowball method (paying smallest balances first) provides psychological wins and motivation through quick victories. The debt avalanche method (paying highest interest rates first) saves more money in interest. Our calculator uses the avalanche method because it pays the least interest. If quick wins keep you going, the snowball method is a fine choice too.

### How accurate is this credit card payoff calculator?

Our calculator provides accurate estimates based on the debt avalanche method and monthly interest at your APR ÷ 12. However, actual results may vary due to factors like balance transfers, promotional rates, late fees, or changes in your credit card terms. Use this as a planning tool and always verify with your credit card statements.

### What if I can't afford the extra payment amount?

Start with whatever extra amount you can afford, even if it's just $25 or $50 per month. The key is consistency. As you pay off cards and free up more money, you can increase your extra payment amount. The calculator shows you the impact of different payment amounts, so you can see how even small increases can significantly reduce your payoff time.

### How do I calculate my minimum payment if I don't know it?

If you don't know your exact minimum payment, a common rule is 1% of your balance plus the month's interest, and many issuers set a floor such as $25 to $35. Enter the minimum from your statement for the most accurate results. Check your latest statement or call your credit card company for the exact amount.

### What happens if I miss a payment?

Missing a payment can significantly impact your payoff plan by adding late fees, increasing your interest rate, and extending your payoff timeline. Always prioritize making at least the minimum payment on all cards. If you're struggling to make payments, contact your credit card companies immediately - many offer hardship programs or payment arrangements.

### Should I consider a balance transfer to a 0% APR card?

A balance transfer to a 0% APR card can be beneficial if you can pay off the balance before the promotional period ends. However, be aware of balance transfer fees (typically 3-5%) and ensure you have a plan to pay off the debt before the regular APR kicks in. Enter the new card's balance and a 0% APR to see the effect while the promotion lasts.

### How does this calculator handle multiple credit cards?

Our calculator can handle up to 5 credit cards. It pays the minimum on every card and sends the rest to the card with the highest APR (the debt avalanche method). When a card is paid off, its minimum goes to the next card. Open “Add card 2” and so on to add cards, or clear a card’s balance to leave it out, and the calculator will recalculate your payoff timeline and interest savings based on your specific situation.

### What's the difference between APR and interest rate?

APR (Annual Percentage Rate) includes both the interest rate and any additional fees or costs associated with the credit card. For most credit cards, the APR and interest rate are the same. The APR gives you a more complete picture of the total cost of borrowing, which is why we use it in our calculations.

### How can I stay motivated during my debt payoff journey?

Track your progress monthly, celebrate small wins (like paying off a card), and visualize your debt-free future. Use our calculator to see how each extra payment brings you closer to your goal. Consider setting up automatic payments and creating a visual debt tracker. Remember that becoming debt-free is a marathon, not a sprint - consistency is key.

## Sources

- Consumer Financial Protection Bureau, What is a credit card interest rate? What does APR mean? https://www.consumerfinance.gov/ask-cfpb/what-is-a-credit-card-interest-rate-what-does-apr-mean-en-44/
- Consumer Financial Protection Bureau, How to reduce your debt (the highest interest rate method and the snowball method). https://www.consumerfinance.gov/about-us/blog/how-reduce-your-debt/
- Consumer Financial Protection Bureau, What is a balance transfer fee? https://www.consumerfinance.gov/ask-cfpb/what-is-a-balance-transfer-fee-en-42/