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Credit card payoff calculator

How long a credit card takes to pay off and the interest it costs, by fixed payment or target date, compared with paying the minimum.

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Plan by

Your payoff plan

Paid off in 2 years 10 months, total interest $1,749.90.

Paid off in
2 years 10 months
Last payment Jul 2029
Monthly payment
$200.00
Total interest
$1,749.90
Total paid
$6,749.90
Your plan compared with minimum payments
ItemYour planMinimum only
First payment$200.00$141.67
Time to pay off2 years 10 months19 years 2 months
Total interest$1,749.90$8,099.70
Total paid$6,749.90$13,099.70

Paying $200.00 a month instead of the minimum saves $6,349.80 of interest and clears the card 16 years 4 months sooner (Jul 2029 instead of Nov 2045).

On your plan, interest adds 35% to the balance you pay off.

Your card's minimum payment

Common in the US: 1% of the balance plus interest.

The issuer's floor, often 25 to 40.

Payoff schedule

Yearly totals; open a year to see each month. The last payment is adjusted so the balance ends at exactly 0.

Payoff schedule: yearly totals and months
YearPaymentsPrincipalInterestBalance
Sep 2027$2,400.00$1,439.43$960.57$3,560.57
Sep 2028$2,400.00$1,790.06$609.94$1,770.51
Jul 2029$1,949.90$1,770.51$179.39$0.00

Assumes no new purchases, fees or rate changes, and interest of APR ÷ 12 on the balance each month (issuers charge daily, which differs by cents). This is an estimate to help you plan, not financial advice: lenders, card issuers and investments set their own terms, fees and rounding. Everything is calculated in your browser; nothing you type is sent anywhere.

How it works

This credit card payoff calculator shows how long it takes to clear a card balance and how much interest you pay on the way. Enter the balance and the APR, then either the amount you can pay each month or the number of months you want to be done in. With the defaults, $5,000 at 22% APR paid at $200 a month is gone in 2 years 10 months and costs $1,749.90 of interest.

It also works out what happens if you pay only the minimum, using your card’s own rule (a % of the balance, plus interest if your issuer adds it, with a floor). On the same card, a minimum of 1% plus interest takes 19 years 2 months and costs $8,100 of interest: that comparison is usually the reason to pay more.

It assumes you stop using the card while you pay it off. Every figure here is an estimate to help you plan, not financial advice: lenders, card issuers and investments set their own terms, fees and rounding.

How credit card payoff is calculated

Each month the interest is the balance × APR ÷ 12, rounded to the cent, and your payment first covers that interest; the rest reduces the balance. Card issuers actually charge interest daily (the balance × APR ÷ 365 for each day), which comes to almost the same over a month. The last payment is only what is left.

To pay off within a set number of months, the payment is the loan formula M = B × r × (1 + r)^n ÷ ((1 + r)^n − 1), with r = APR ÷ 12. The minimum payment is recalculated every month as max(floor, balance × % + interest), so it shrinks as the balance falls, which is why paying only the minimum takes so long.

Paying off $5,000 at 22% APR

Months and total interest for different monthly payments, with no new purchases:

$5,000 credit card balance at 22% APR: payoff time and interest by monthly payment (USD)
Monthly paymentTime to pay offTotal interestTotal paid
Minimum (1% + interest, at least $25)19 years 2 months$8,099.70$13,099.70
$10011 years 5 months$8,678.34$13,678.34
$1504 years 4 months$2,798.09$7,798.09
$2002 years 10 months$1,749.90$6,749.90
$2502 years 2 months$1,285.71$6,285.71
$3001 year 9 months$1,021.61$6,021.61
$5001 year$574.44$5,574.44

Payment needed to be debt-free by a date

Monthly payment to clear $5,000 at 22% APR in a set time (USD)
Pay it off inMonthly paymentTotal interest
1 year$467.97$615.67
1 year 6 months$328.64$915.60
2 years$259.39$1,225.38
3 years$190.95$1,874.32
4 years$157.53$2,561.44
5 years$138.09$3,285.95

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How to use it

  1. Enter your card balance and its APR (the purchase rate on your statement).
  2. Choose "Monthly payment" and enter what you can pay, or "Months to pay off" and enter a target.
  3. Check the minimum payment rule on your statement (for example 1% plus interest, at least $25) and enter it.
  4. Read the payoff time, total interest and the savings against minimum payments; open the schedule or download it as CSV.

Frequently asked questions

How long will it take to pay off my credit card?

It depends on the balance, the APR and your payment. $5,000 at 22% takes 2 years 10 months at $200 a month, but 19 years 2 months at a 1%-plus-interest minimum. Enter your own numbers above to see the exact month.

Why does paying the minimum take so long?

Because the minimum is recalculated from the balance each month: as the balance falls, so does the payment, and most of it goes to interest. Paying a fixed amount, even the first month’s minimum, shortens the payoff dramatically.

How is credit card interest calculated?

Most issuers charge the APR ÷ 365 on each day’s balance and add it up at the end of the statement period. This calculator uses the monthly equivalent (APR ÷ 12 of the balance), which differs by a few cents a month.

Should I pay off the card with the highest APR first?

If you have several cards, paying extra on the highest APR first (the avalanche method) costs the least interest. The debt payoff calculator compares that with the snowball method across all your debts.

Does a balance transfer help?

A 0% balance transfer can save a lot of interest if you clear the balance before the promotional period ends and the transfer fee (often 3% to 5%) is less than the interest you avoid. Run the calculator with 0% and the fee added to the balance to compare.

What if my payment is less than the interest?

Then the balance never goes down, and the calculator tells you so. The payment must be more than the first month’s interest (the balance × APR ÷ 12).

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