{"tool":{"slug":"credit-card-payoff","name":"Credit card payoff calculator","version":"2026-08-21","canonicalUrl":"https://carlo.finance/tools/credit-card-payoff","jsonUrl":"https://carlo.finance/tools/credit-card-payoff.json","pageUrl":"https://carlo.finance/tools/credit-card-payoff","parameters":[{"key":"balance","label":"Card balance","unit":"usd","min":0,"max":10000000,"default":5000,"sourceId":null,"help":"What you owe today. The default is an example, not a statistic."},{"key":"apr","label":"APR","unit":"percent","min":0,"max":100,"default":22.15,"sourceId":"g19","help":"The annual rate on the balance, from your statement. The default is the Federal Reserve's average rate on credit card accounts assessed interest."},{"key":"payment","label":"Monthly payment","unit":"usd-per-month","min":0,"max":1000000,"default":200,"sourceId":null,"help":"What you will actually pay each month. The default is an example, not a statistic."}]},"inputs":{"balance":5000,"apr":22.15,"payment":200},"result":{"months":34,"payoffDate":"Jun 2029","totalInterest":1768,"totalPaid":6768,"interestOnlyThreshold":92.29,"minimum":{"firstPayment":142.29,"months":184,"totalInterest":7516,"totalPaid":12516},"requiredPayment":[{"months":12,"payment":468.34},{"months":24,"payment":259.77},{"months":36,"payment":191.35},{"months":48,"payment":157.94}]},"drivers":[{"key":"balance","label":"Card balance","step":-1000,"monthsDelta":-8,"interestDelta":-730,"sentence":"A one-time $1,000 paydown finishes the payoff 8 months sooner and avoids $730 of interest."},{"key":"apr","label":"APR","step":-5,"monthsDelta":-2,"interestDelta":-537,"sentence":"Five points off the APR, about what a balance transfer to a lower-rate card buys, saves $537 of interest and 2 months at the same payment."},{"key":"payment","label":"Monthly payment","step":50,"monthsDelta":-8,"interestDelta":-470,"sentence":"Fifty dollars more a month pays the card off 8 months sooner and saves $470 of interest."}],"sensitivity":{"byPayment":[{"payment":100,"months":141,"payoffDate":"May 2038","totalInterest":9012},{"payment":200,"months":34,"payoffDate":"Jun 2029","totalInterest":1768},{"payment":500,"months":12,"payoffDate":"Aug 2027","totalInterest":579},{"payment":1000,"months":6,"payoffDate":"Feb 2027","totalInterest":296}],"byTargetMonths":[{"months":12,"payment":468.34},{"months":24,"payment":259.77},{"months":36,"payment":191.35},{"months":48,"payment":157.94}]},"assumptions":[{"key":"balance","label":"Card balance","value":5000,"unit":"usd","provided":false,"source":null},{"key":"apr","label":"APR","value":22.15,"unit":"percent","provided":false,"source":{"id":"g19","name":"Federal Reserve, G.19 Consumer Credit (June 2026 data)","url":"https://www.federalreserve.gov/releases/g19/current/default.htm","asOf":"2026-08-07","note":"Commercial bank interest rates, May 2026: 24-month personal loans 11.86%; 60-month new car loans 7.14%; credit card accounts assessed interest 22.15%."}},{"key":"payment","label":"Monthly payment","value":200,"unit":"usd-per-month","provided":false,"source":null}],"sources":[{"id":"g19","name":"Federal Reserve, G.19 Consumer Credit (June 2026 data)","url":"https://www.federalreserve.gov/releases/g19/current/default.htm","asOf":"2026-08-07","note":"Commercial bank interest rates, May 2026: 24-month personal loans 11.86%; 60-month new car loans 7.14%; credit card accounts assessed interest 22.15%."},{"id":"cfpb-min","name":"CFPB, Consumer Credit Card Market Report 2025","url":"https://files.consumerfinance.gov/f/documents/cfpb_consumer-credit-card-market-report_2025.pdf","asOf":"2025-12-01","note":"Section 4.1.1: the most common minimum payment formula is 1 percent of the balance plus finance charges and fees; the most common fixed floor was $40."}],"warnings":[],"disclaimer":"This models a revolving balance with monthly compounding and a fixed monthly payment. Real cards accrue interest daily on the average daily balance, minimum-payment formulas vary by issuer, and your cardholder agreement and monthly statement are the terms that govern. It is not financial advice."}