Credit Card Payoff Calculator

Credit card interest can make a balance last far longer than expected. Enter your balance, your card’s APR and what you can pay each month to see the payoff time and the total interest.

Estimates only. Not financial advice. Fees and taxes are not included.

How this calculator works

Each month the calculator adds interest (the APR divided by 12, times the remaining balance) and then subtracts your payment. It repeats until the balance reaches zero. Here r is the APR divided by 12.

next balance = balance × (1 + r) − payment

If your payment is smaller than the monthly interest, the balance never goes down, and the calculator tells you so.

Worked example

Using sample inputs for a $5,000 balance at 22% APR with a $200 monthly payment:

Time to pay off2 years 10 months

Total interest$1,749.88

Total paid$6,749.88

Common questions

Why does the minimum payment take so long?

The minimum is often only a little above the monthly interest, so very little goes toward the balance itself.

What is the avalanche method?

You pay the minimum on every card and put any extra money toward the card with the highest APR first. This usually minimizes total interest.

What is the snowball method?

You put extra money toward the smallest balance first. It costs a bit more in interest than the avalanche method, but quick wins keep many people motivated.

A credit card payoff calculator helps you estimate how long it may take to pay off your credit card balance and how much interest you could pay along the way.

Enter your outstanding credit card balance, annual percentage rate (APR), and monthly payment amount to estimate your repayment timeline.

For example, if you have a $5,000 credit card balance with an 18% APR and make fixed monthly payments of $200, it would take approximately 32 months to pay off the balance, assuming no new purchases or fees.

Making larger monthly payments can help reduce your total interest costs and shorten your repayment period.

Actual results may vary depending on your card issuer’s interest calculation method, fees, and changes to your balance.

How to Use Our Credit Card Payoff Calculator

To estimate your credit card repayment timeline, enter your outstanding balance, annual percentage rate (APR), and planned monthly payment.

Paying more than the minimum amount can help you reduce interest charges and become debt-free sooner. For example, increasing your monthly payment from $150 to $250 may significantly reduce the time needed to pay off your balance, depending on your interest rate.

Avoiding new purchases while paying down your existing balance can also help you stay on track. Keep in mind that interest charges, fees, and changes in your card’s APR may affect your actual repayment schedule.

Managing other loans as well? Try our Loan Calculator to estimate monthly payments and understand borrowing costs.

Want to learn more about managing credit card debt and understanding interest charges? Visit the Consumer Financial Protection Bureau’s credit card resources for helpful information about credit card payments, interest rates, and repayment strategies.