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Credit Card Payoff Calculator

AustraliaMonthly statement cyclesClass A · deterministic arithmeticNo statutory rules requiredMethodology
AUD
Payment plan
AUD
Your card's terms

These start at the modelled defaults. Change them to the terms printed on your own statement.

%
AUD

Charged to the balance every statement cycle. Blank means no fee.

AUD

Added to the balance each cycle before interest is charged. Blank means no new spending.

AUD

Models a balance transfer: a lower rate until an exact date, then the purchase rate.

Enter the balance and rate to see the payoff time cycle by cycle.

Summary

Enter a balance and rate to see the cycle-by-cycle working.

Working

  1. interest = opening balance × (annual rate ÷ 12), rounded half-up to the cent
  2. balance = opening balance + new spending + interest + monthly fee
  3. minimum = max(balance × minimum percent, minimum floor)
  4. payment = min(balance, max(your fixed payment, minimum))
  5. closing balance = balance − payment

Assumptions

  • Interest is charged on the full opening balance every cycle: no interest-free days are modelled, so a card paid in full each month is outside this model.
  • Cycles are calendar-monthly from the first cycle date; statement periods that vary in length are not modelled.
  • A promotional rate applies to every cycle dated before its end date, and the purchase rate from that date onwards.
  • Card terms above are your entries, not published rates. Nothing here is read from a rule pack.

Limitations

  • Payment allocation across purchase, cash-advance and promotional balances at different rates is not modelled; a single balance carries a single applicable rate.
  • Late fees, over-limit fees, cash-advance fees and interest capitalisation rules specific to your issuer are not included.
  • Result accuracy class A: deterministic arithmetic on the figures you enter.