Credit Card Payoff Calculator
Enter your balance, the card’s APR, and what you pay each month to see exactly how long it takes to reach a zero balance and how much interest you pay getting there.
The result makes the cost of carrying a balance concrete — and shows why paying more than the minimum, even a little, can cut months or years off the timeline.
Time to pay off
2y 10m
- Total interest paid
- $1,749.88
- Total you pay
- $6,749.88
- Number of payments
- 34
Calculation Formulas
Credit card interest is charged monthly on the outstanding balance. At a 24% APR, that is 2% of the balance every month before your payment is applied.
The calculator adds the month’s interest, subtracts your fixed payment, and repeats until the balance reaches zero — counting the months and summing the interest.
Example:
A $5,000 balance at 22% APR paid at $150/month takes about 4 years and costs roughly $2,400 in interest; paying $300/month clears it in under 1.5 years for a fraction of the interest.
Key Figures
| Figure | Value | Description |
|---|---|---|
| Payment must beat interest | Required | A payment at or below the first month’s interest never reduces the balance. |
| Minimum payments | Often 1–3% of balance | Paying only the minimum stretches payoff for years and maximizes interest. |
Note: Results are estimates for planning purposes. Rates, fees, taxes, and insurance vary by lender and location — confirm exact figures with a licensed professional before making financial decisions.
Standards & Sources
Last verified: July 2026
- CARD Act minimum-payment disclosures
The Credit CARD Act of 2009 requires issuers to show how long minimum-only payments take and what paying more would save — the same trade-off this calculator quantifies.
- Standard revolving-credit interest math
Interest is computed on the outstanding balance each month; the simulation assumes no new purchases so the payoff timeline reflects the existing balance only.
How to Use This Calculator
- Enter your current credit card balance.
- Enter the card’s APR (annual interest rate).
- Enter the fixed amount you plan to pay each month.
- Read how many months until the card is paid off and the total interest you’ll pay.
Frequently Asked Questions
Why do credit cards take so long to pay off?
Credit card APRs are high (often 20%+), so a large share of each payment goes to interest rather than principal — especially early on. Paying only the minimum can stretch a balance over many years and multiply what you repay. Paying a fixed, higher amount clears it far faster.
How much interest will I pay on my credit card?
It depends on your balance, APR, and monthly payment. This calculator simulates the balance month by month — applying interest, then your payment — until it reaches zero, and totals the interest along the way. Raising your monthly payment lowers that total sharply.
What happens if I only pay the minimum?
Minimum payments are often just 1–3% of the balance, barely above the monthly interest, so the balance falls very slowly and total interest balloons. Enter a payment above the minimum here to see how much time and interest you save.
Does this account for new purchases on the card?
No — it assumes you stop adding new charges and pay a fixed amount toward the existing balance. New purchases would extend the timeline; the fastest payoff comes from pausing spending on the card while you clear it.
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