Calculator
Credit card payoff calculator
FLD is not a lender or a credit broker and does not arrange credit. This is general information, not advice to borrow. Any representative APR shown is an example, not a personal quote: the rate you are offered depends on your circumstances and may be higher.
Last updated: .
See how long a credit card balance could take to clear with a fixed monthly payment, and compare it with paying only the minimum each month. It assumes no new spending and one APR throughout.
Illustrative only, not financial advice. Results depend entirely on the figures you enter. Figures filled in below are labelled “Example figure” — they aren’t live rates, offers or recommendations.
Estimate your payoff
Your illustrative results
- Time to clear (fixed payment)
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- Interest (fixed payment)
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- Total paid (fixed payment)
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- Time to clear (minimum payments)
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- Interest (minimum payments)
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- Total paid (minimum payments)
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Whole months until the balance reaches £0.
Total interest paid over that time.
Balance plus interest.
Months if you only ever pay the minimum.
Total interest on minimum payments only.
Balance plus interest on minimum payments.
How this calculator works
It assumes one APR, no new spending, no fees and that interest is charged monthly. Real statements can differ — interest may be calculated daily, promotional rates can end, and minimum payment rules vary between cards.
The minimum-payment scenario recalculates the minimum each month from the falling balance, which is why it can take much longer than a fixed payment.
Things to check
- Your card’s minimum payment rule and APR on your latest statement.
- Any promotional rates and when they end.
- Free, impartial debt help such as MoneyHelper if repayments are hard to manage.
- How borrowing affects your credit file — see UK credit scores.
The formulas we use
Monthly rate from APR: r = (1 + APR)^(1/12) − 1.
Months to clear with a fixed payment M: n = −ln(1 − (P × r) ÷ M) ÷ ln(1 + r), rounded up to whole months. If the APR is 0%: n = P ÷ M.
If M ≤ P × r the payment doesn’t cover the interest and the balance never clears — the calculator warns you.
Interest and totals are worked out month by month (interest = balance × r, then the payment is taken off), so the last, smaller payment is counted correctly. Minimum payments use the greater of the percentage of the balance and the floor each month.
FAQ
Why does paying the minimum take so long?
Because the minimum is usually a small percentage of the balance, it shrinks as the balance shrinks, so more of each payment goes on interest for longer.
What if my payment doesn’t cover the interest?
The balance would never clear. The calculator warns you if the payment is at or below the first month’s interest.
Why might my statement be different?
Cards may calculate interest daily, apply fees or have different minimum payment rules. Use your statement for exact figures.
Does this calculator store my figures?
No. Everything is worked out in your browser and nothing is stored or sent anywhere.
How many months will it take to pay off my credit card?
It depends on your balance, interest rate and monthly payment. Enter those figures in the calculator to see how long it would take to pay off your credit card in the UK and how much interest you’d pay along the way. Paying more than the minimum shortens the time. If you’re thinking of moving the debt, see balance-transfer credit cards.
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