Credit Card Payoff Calculator
See how long your credit card balance will take to clear and how much interest you’ll pay — paying only the minimum versus a fixed monthly amount or a debt-free date. Free and private.
Free · No sign-upHow to use Credit Card Payoff Calculator
- 1. Enter the balance you owe and the card’s APR.
- 2. Choose a fixed monthly payment or the number of months you want to be debt-free in, and add any new monthly charges.
- 3. Match the minimum payment rule on your statement (for example interest + 1% with a $25 floor).
- 4. Compare months, total interest and payoff date for both plans, then open the schedule, copy the summary or download the CSV.
Frequently asked questions
How long will it take to pay off $5,000 at 20% APR with $200 a month?
33 payments: 32 of $200 and a smaller final one, with about $1,522 in interest (monthly interest at APR ÷ 12). Paying only a minimum of interest + 1% of the balance ($25 floor) would take about 224 months and cost about $7,206 in interest.
Why does paying only the minimum take so long?
The minimum payment is mostly interest plus a small slice of the balance, and it shrinks as the balance shrinks. Very little goes to principal each month, so the debt can last for decades. Any fixed payment above the first minimum ends the debt much sooner.
How is credit card interest calculated?
Issuers divide the APR by 365 to get a daily rate and charge it on your average daily balance for the billing cycle. This calculator uses APR ÷ 12 per month, which is the standard way to estimate payoff and is usually within a few dollars of real statements.
How much do I need to pay each month to be debt-free by a date?
Choose “Be debt-free in a set number of months” and enter the months. The payment comes from the loan formula M = P × r ÷ (1 − (1 + r)^−n). For $5,000 at 20% APR it is $254.48 a month for 24 months or $185.82 for 36 months.
What if I keep using the card?
Enter your typical new charges per month. They are added to the balance each month, so your payment must cover them plus the interest before the debt shrinks. The calculator warns you when a payment can never pay the card off.
Should I pay off the card with the highest rate first?
Paying extra on the highest-APR card first (the avalanche method) saves the most interest; paying the smallest balance first (the snowball method) gives quicker wins. Either way, pay at least the minimum on every card. This calculator is an estimate, not financial advice.