Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card and how much interest you'll pay along the way. Enter your balance, APR, and monthly payment to see your payoff timeline.
How it works
Credit cards charge interest monthly on your outstanding balance. The monthly rate is your APR divided by 12. Each month, interest is added to the balance, then your payment is subtracted.
This calculator iterates month by month until the balance reaches zero. The number of months is derived from the amortization formula n = -ln(1 - (B·r)/P) / ln(1+r), where B is the balance, r is the monthly rate, and P is your fixed monthly payment.
If your payment is smaller than the monthly interest charge, the balance grows instead of shrinking — so the tool warns you and shows the minimum payment needed to start making progress.
Tips
Paying more than the minimum dramatically cuts both the time and total interest. Even an extra $25–$50 a month can save you hundreds.
Consider a 0% balance transfer offer or consolidation loan if your APR is high — but watch for transfer fees and promotional expiration dates.
FAQ
Why does paying only the minimum take so long?
Minimum payments are often set near the monthly interest charge, so very little goes toward the principal. This stretches repayment over years and maximizes interest paid.
How is the total interest calculated?
We simulate each month: interest equals your balance times the monthly rate (APR ÷ 12), then your payment reduces the balance. Total interest is everything you paid minus your original balance.
What if my payment is too low?
If your monthly payment is less than or equal to the monthly interest, the balance never decreases. The calculator flags this and shows the minimum payment required to begin reducing your debt.