How to use the credit Card Payoff Calculator
- Enter the card balance and its APR (on your statement).
- Choose whether you want to pay a fixed amount each month or be debt-free within a set number of months.
- Enter the monthly payment, or the number of months, depending on your choice.
- Choose your currency.
- The result updates instantly as you type. There is no button to press.
- Use Copy result to copy the figures, or Copy link to share a link that reopens the credit Card Payoff Calculator with the same inputs.
How it works
Credit cards charge some of the highest interest rates of any common debt, and paying only the minimum can stretch a modest balance over many years. This calculator shows the real timeline and cost of paying a card off, assuming you stop using it for new purchases.
It works month by month, the way card issuers do: interest for the month is the balance × APR ÷ 12. Your payment covers that interest first, and whatever is left reduces the balance. The last payment is just enough to clear what remains. If you choose the "debt-free in a set time" option, it finds the level payment that clears the balance in exactly that many months, using the same formula as a loan.
The most important number is the gap between your payment and the first month's interest. If your payment barely exceeds the interest, almost nothing goes to the balance and payoff takes years. Each extra amount you add goes entirely to principal, so even a small increase can save a surprising amount of interest. If you hold several cards, pay the minimum on all of them and put every spare amount towards the one with the highest APR (the "avalanche" method).
Formula
B is the starting balance and r the monthly rate (APR ÷ 1200). The payment must be larger than B × r or the balance never falls.
Example
A $5,000 balance at 22.9% APR costs about $95.42 in interest in the first month. Paying $200 a month, you clear it in 35 months and pay about $1,860 in interest, $6,860 in total. To be debt-free in 24 months instead, you would need to pay about $261.62 a month, and you would pay roughly $1,279 in interest, saving around $580.
Frequently asked questions
Why does paying the minimum take so long?
Minimum payments are often around 1–3% of the balance plus interest, so most of each payment covers interest and the balance falls very slowly. Paying a fixed amount above the minimum makes a big difference.
Should I move the balance to a 0% card?
A balance transfer can save a lot of interest if you can clear the debt during the promotional period. Factor in the transfer fee (often 3–5%) and the rate after the offer ends. Enter 0% APR here to plan the payments.
Does my card compound interest daily?
Many cards calculate interest on the average daily balance and add it monthly. The result is very close to the monthly method used here, typically within a few cents each month.
What if I keep using the card?
New purchases add to the balance and push the payoff date further out. This calculator assumes you stop spending on the card while you pay it down.
Disclaimer: This calculator gives estimates for general information and education. It is not financial, tax or investment advice. Lenders, banks and tax authorities may round differently, charge fees or apply rules this tool does not model, so confirm figures with a qualified professional or your provider before making decisions.