How the payoff is worked out
The calculator runs your card month by month: interest is added at the monthly rate, then your payment comes off. It does this twice, once with the payment you make now and once with the extra and any one-off payment added, and shows the difference. It also prices a loan for the same balance, so you can see whether borrowing to clear the card would cost less than keeping it.
The Card APR convention and Loan APR convention choices set how each APR becomes a monthly rate. Effective APR (FCA), the default for both, uses (1 + APR)^(1/12) − 1, the effective-rate basis the FCA sets for APR calculations. APR divided by 12 is the alternative many UK sites use. For the £5,000 loan at 9.9% over 36 months, the monthly payment is £160.11 on the effective basis and £161.10 divided by 12.
Worked example: £150 a month plus £50 extra on £5,000 at 24%
Paying £150 a month on a £5,000 card at 24% APR clears it in 52 months (4 years 4 months) with £2,728.93 of interest. Adding £50 a month makes the payment £200.00, which clears it in 34 months (2 years 10 months) with £1,715.02 of interest. The extra £50 saves £1,013.91 and 18 months.
A one-off lump sum
A single payment of £1,000 today, on top of the £50 extra, leaves £4,000 to clear: it takes 26 months (2 years 2 months) and costs £1,009.89 in interest. The lump sum is paid before the first month, so it stops that month's interest on the £1,000.
A loan instead of the card
A £5,000 card at 24% paid at £160.11 a month takes 47 months and costs £2,432.11 in interest. A 36-month loan at 9.9% APR for the same £5,000 has the same payment of £160.11 but only £764.02 of interest, so it would save £1,668.09. The loan figure is only a comparison: a real loan depends on your credit record and its own fees.
What this calculator leaves out
It models one card with no new spending and a fixed rate. It does not model a 0% balance transfer, an annual fee, or paying several cards at once. A loan comparison covers its interest and arrangement fee but not an early repayment charge or insurance.
To see the interest on a balance and the minimum-payment path, use the credit card interest calculator.
To price a consolidation loan on its own, use the debt consolidation loan calculator.
Use the right country page
This page uses pounds and the UK convention for turning an APR into a monthly rate. The country choices above the inputs open separate local pages. Choosing United States opens the US credit card loan payoff calculator, which works in dollars and divides the APR by 12. Inputs reset and amounts are not converted.
Inputs for the credit card loan payoff calculator
Card APR convention
Sets how the card APR becomes a monthly rate. Effective APR (FCA) is the default; APR divided by 12 gives a slightly higher monthly rate.
Card balance
How much you owe on the card now.
Card rate (APR)
The yearly rate on your statement.
Monthly payment you make now
The amount you pay each month without any extra.
Extra each month
Added to the payment every month. Enter zero for none.
One-off payment now
A single payment made today, before the first month. Enter zero for none.
Loan rate (APR)
The APR of a loan you could use to clear the balance instead.
Loan APR convention
Sets how the loan APR becomes a monthly rate, separately from the card. Effective APR (FCA) is the default; APR divided by 12 is how many UK sites work.
Loan term
The months the loan would run. A whole number up to 120.
Loan arrangement fee
A percentage of the loan, paid in cash. Enter zero for none.
CALCULATOR QUESTIONS
UK credit card loan payoff calculator questions
How much interest do extra payments save?
On a £5,000 card at 24%, adding £50 a month to a £150 payment saves £1,013.91 of interest and 18 months.
Is it better to pay a lump sum or extra each month?
Both help. A £1,000 payment today with £50 extra each month leaves £1,009.89 of interest in total, against £1,715.02 with the £50 extra alone.
Would a loan be cheaper than my card?
Often, if its APR is much lower. At 24% on the card against 9.9% on a 36-month loan the example saves £1,668.09. Use your own rates and include any loan fee.
What if my payment does not cover the interest?
The calculator refuses the entry and tells you the monthly interest you need to beat, because the balance would otherwise grow.
Does it handle more than one card?
No. It models a single card. For several cards, run each separately, or use a consolidation loan comparison.