How this payoff estimate works
The calculator applies one month of interest to the remaining balance and then subtracts the payment. It repeats the process until the estimated balance reaches zero. Actual issuers often calculate interest using an average daily balance, so statement results may differ.
Ways to reduce the projected interest
- Stop adding new purchases to the payoff balance.
- Pay more than the required minimum when possible.
- Apply windfalls directly to principal.
- Compare a lower-rate option only after including every fee.
Educational estimate only. Confirm balances, rates, fees and payoff amounts with the creditor.