Credit Card Payoff Calculator
Enter your balance, APR and monthly payment. We show the payoff time, total interest, and how much faster you finish if you pay a little more.
Estimates assume a fixed APR and payment. Credit cards compound daily in practice, so real timing may differ by a month or two.
Frequently asked questions
How long will it take to pay off my credit card?
Each payment covers the interest charged that month first, then the rest reduces the balance. Our calculator works month by month from your balance, APR and payment, and tells you the exact number of payments and the total interest you will pay.
Why does paying only the minimum take so long?
Minimum payments are often set close to the interest charge, so very little goes to principal. On a $5,000 balance at 22% APR, a $150 payment takes about 52 months and racks up over $2,800 in interest. Paying even $50 more a month cuts years and thousands of dollars off.
What is the best way to pay off multiple cards?
Two popular methods: the avalanche (pay the highest interest rate first, saves the most money) and the snowball (pay the smallest balance first, for motivation). Both work; the calculator shows how much you save by paying more each month.
What if my payment is less than the monthly interest?
Then the balance grows every month and you will never pay it off. The calculator warns you when your payment does not even cover the interest and you need to increase it.