Credit Card Payoff Calculator
See how long it will take to pay off your credit card and how much interest you will pay. Or pick a date and find the monthly payment that gets you there.
Assumes a fixed APR, the same payment every month and no new purchases or fees.
Your payoff, year by year
How your balance falls each year with the numbers entered above.
| Year | Paid | Interest | Balance left |
|---|
How credit card payoff is calculated
Each month, your card charges interest on the balance you carry. Your payment covers that interest first, and whatever is left over reduces the balance. The bigger the gap between your payment and the monthly interest, the faster the balance falls.
In the last formula, B is the balance, r is the monthly rate and n is the number of months. The calculator repeats the monthly steps until the balance reaches zero, rounding interest to the cent each month the way a statement does.
Worked example: $5,000 at 22% APR
Say you owe $5,000 on a card with a 22% APR, you stop using the card, and you pay $200 every month.
- Monthly rate: 22% ÷ 121.833%
- First month's interest: $5,000 × 0.01833$91.67
- First month toward the balance: $200 − $91.67$108.33
- Months to pay off at $20034
- Total interest paid$1,749.90
Raising the payment to $300 a month clears the same balance in 21 months with $1,021.61 of interest. That extra $100 a month saves more than $700 and gets you debt-free over a year sooner.
Payoff time at 22% APR
Months to pay off and total interest for common balances and payments, assuming no new charges.
| Balance | $100/mo | $200/mo | $300/mo | $500/mo |
|---|---|---|---|---|
| $2,000 | 26 mo · $514 | 12 mo · $230 | 8 mo · $153 | 5 mo · $97 |
| $5,000 | 137 mo · $8,678 | 34 mo · $1,750 | 21 mo · $1,022 | 12 mo · $574 |
| $10,000 | Never* | 137 mo · $17,356 | 52 mo · $5,596 | 26 mo · $2,571 |
*At 22% APR, a $10,000 balance builds about $183 of interest in the first month, so a $100 payment never catches up.
Ways to pay off credit card debt faster
- Pay more than the minimum. Even an extra $25 or $50 a month can cut months off your payoff and save real money in interest.
- Stop adding new charges. New purchases on the same card push your payoff date further away.
- Ask for a lower rate. Card issuers sometimes lower the APR for customers with a good payment history. It costs nothing to ask.
- Consider a balance transfer or consolidation loan. A lower rate means more of each payment reduces the balance. Check fees and how long the low rate lasts.
- Pick a payoff order if you have several cards. Paying the highest-rate card first saves the most interest. Paying the smallest balance first gives you quicker wins.
Your monthly statement must show how long it would take to pay off your balance by making only the minimum payment, along with the payment needed to clear it in three years. The Consumer Financial Protection Bureau explains these rules and other credit card protections on its website.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, your APR and how much you pay each month. A $5,000 balance at 22% APR takes 34 months to pay off at $200 a month, or 21 months at $300 a month, assuming you make no new purchases.
Why does paying only the minimum take so long?
Minimum payments are often set close to the interest charged each month, so only a small part of each payment reduces the balance. As the balance falls, the minimum usually falls too, which stretches the payoff out even longer.
How is credit card interest calculated?
Most cards charge interest daily using a daily rate, which is your APR divided by 365, and add it to your balance each month. This calculator uses the monthly rate, APR divided by 12, which gives a very close estimate.
Is it better to pay a card off faster or keep a small balance?
Paying the full statement balance by the due date usually avoids interest on new purchases. Carrying a balance does not help your credit score, and every month you carry it adds interest.
Should I use a balance transfer to pay off my card?
A balance transfer to a card with a low introductory rate can cut your interest, but most charge a transfer fee, often a few percent of the amount moved, and the low rate ends after a set period. Compare the fee with the interest you would save, and plan to pay the balance off before the promotional rate expires.
This calculator is for educational purposes only and is not financial advice. Your card issuer may calculate interest differently, and fees, rate changes or new purchases will change your results.