Credit Card Payoff Calculator
Enter your card balance, its APR, and the amount you can pay each month, and this calculator shows how many months until the balance hits zero and how much interest you will pay along the way. Try a few payment amounts and watch the timeline move: on high-APR debt, even $25 more per month makes a visible difference.
- Time to pay off
- 3 years, 11 months
- Total interest paid
- $3,254.63
- Total paid
- $9,254.63
Credit cards charge some of the highest interest rates in consumer finance, which is why minimum payments barely move the balance. The minimum is typically calculated as a small percentage of the balance, so it shrinks as you pay, stretching the debt out for years. A fixed payment, the way this calculator models it, clears the same debt far faster.
How it's calculated
Each month: interest = balance × (APR ÷ 12); balance = balance + interest − payment
The payoff is simulated month by month. If the payment is not larger than the first month's interest, the balance never falls and the debt is mathematically unpayable at that amount; the calculator warns you instead of showing a result.
Worked example
A $6,000 balance at 24% APR with a $200 monthly payment takes 47 months to clear and costs $3,255 in interest. Raising the payment to $300 cuts it to 26 months and $1,739 of interest. The extra $100 per month saves $1,516 and 21 months.
Frequently asked questions
›Why does the minimum payment take so long?
Minimums are usually 1 to 3% of the balance, which barely exceeds the monthly interest at a high APR. As the balance falls the minimum falls with it, so the tail of the debt drags on for years. Paying a fixed amount, even the same as your first minimum, avoids that trap.
›Which card should I pay off first if I have several?
Mathematically, the one with the highest APR (the avalanche method) saves the most interest. Some people prefer clearing the smallest balance first (the snowball method) for the motivation of quick wins. Both work; the avalanche is cheaper.
›Do balance transfers make sense?
A 0% transfer offer can save a lot of interest if you can clear the balance within the promotional window and the transfer fee (typically 3 to 5%) is smaller than the interest you avoid. The math fails if the balance lingers past the promo period.
›Does paying off a card hurt my credit score?
Paying down the balance helps your score by lowering credit utilization. Keeping the paid-off account open usually helps too, since it preserves your available credit and account age.
Related tools
Loan Payment Calculator
Calculate your monthly loan or mortgage payment from the loan amount, interest rate, and term. See total interest paid over the life of the loan.
Percentage Calculator
Calculate percentages three ways: what is X% of Y, what percent X is of Y, and the percentage change between two numbers.
Savings Goal Calculator
Find out how much you need to save every month to reach a financial goal, accounting for what you already have and the interest it earns.