Finance & business
Credit Card Payoff Calculator
Find out exactly how long it will take to wipe out a credit card balance and how much interest you'll pay along the way. Enter your balance and APR, then pick how you want to plan: choose a fixed monthly payment to see the months to payoff and total interest, or set a target number of months to see the payment you'd need to hit that deadline. U.S. credit cards charge interest daily on a high APR — often well over 20% — so even a modest balance can take years to clear if you only pay the minimum. Seeing the payoff timeline and the interest cost side by side makes it obvious how much faster a slightly larger payment gets you to zero. Everything calculates instantly in your browser.
Card & plan
based on your inputs
Assumes a fixed APR, no new charges and equal monthly payments. Verify exact figures with your card issuer.
How the credit card payoff calculator works
Credit card debt is just an amortizing loan with no fixed term. Each month, interest is added to your balance based on your APR, then your payment is subtracted. This calculator steps through the balance month by month — the same way your statement does — until it reaches zero.
monthly mechanics
monthly rate r = APR ÷ 12 ÷ 100 interest this month = balance × r new balance = balance + interest − paymentTo find the payment for a target of n months: payment = B × r × (1 + r)ⁿ ÷ [ (1 + r)ⁿ − 1 ] (the standard amortization formula; payment = B ÷ n when APR is 0%)
There's an important guardrail. If your monthly payment is less than or equal to the first month's interest, the balance never shrinks and the card is never paid off. The calculator detects this and warns you, telling you the minimum payment that would actually make progress.
Notes & assumptions
- Assumes a constant APR and no new purchases, fees or cash advances are added.
- Interest is approximated monthly; your issuer may compound daily, so real figures can vary slightly.
- The final payment is reduced so you don't overpay past a zero balance.
Worked example
Take a $5,000 balance at a 22.9% APR. The monthly rate is 22.9 ÷ 12 ÷ 100 ≈ 0.0191, so the first month's interest is about $95. Paying $200 a month, roughly $105 goes to principal that first month, and it takes about 35 months to clear the card — costing around $1,720 in interest. Bump the payment to $300 and the payoff drops to about 21 months with roughly $850 of interest. That's the power of paying above the minimum: a 50% larger payment cuts both the time and the interest dramatically.
Frequently asked questions
Why won't my balance ever get paid off?
If your monthly payment is smaller than the interest charged that month, the unpaid interest is added back to the balance, so it grows instead of shrinking — and the card is never paid off. This calculator warns you when that happens and shows the minimum payment needed to start making progress. The fix is simple: pay more than the monthly interest, and ideally well above it, so a meaningful share goes toward principal.
What's the difference between APR and the monthly rate?
APR (annual percentage rate) is the yearly cost of borrowing quoted on your card agreement. To apply it month by month, you divide by 12 to get the monthly periodic rate. A 24% APR, for example, is roughly 2% per month. Most U.S. issuers actually compound interest daily, so your real charges can be a touch higher than a simple monthly model, but the monthly approximation is close and easy to follow.
How can I pay off my card faster?
Pay more than the minimum every month, since extra dollars go straight to principal and reduce future interest. Other proven moves include transferring the balance to a 0% introductory-APR card, asking your issuer for a lower rate, consolidating into a lower-rate personal loan, and pausing new purchases on the card while you pay it down. Even small increases to your payment shorten the timeline noticeably.
Does paying only the minimum hurt me?
Yes, financially. Minimum payments are usually set low — often a small percentage of the balance — so most of the money covers interest and the balance barely moves. That can stretch a payoff over many years and multiply the total interest you pay. Whenever possible, treat the minimum as a floor, not a target, and pay a fixed higher amount each month.
Are these numbers exact?
They're close estimates for planning. This tool models interest monthly with a constant APR and no new charges, while your issuer may compound daily and your APR or balance can change. Use the result to compare payment strategies and set a realistic timeline, then confirm the precise figures on your monthly statement or with your card company.