Credit Card Payoff Calculator
See how long it will take to pay off a credit card and the total interest — or the monthly payment needed to be debt-free by a target date.
For information and education only — not financial advice. Results are estimates based on the numbers you enter; check important decisions with a qualified professional.
How to use
- 1Enter the balance and APR.
- 2Enter a fixed monthly payment, or switch to 'target months' to find the payment you need.
How it's calculated
Interest is charged monthly at APR ÷ 12 on the remaining balance. Months = −log(1 − r·B ÷ P) ÷ log(1 + r); payment for a target = B·r ÷ (1 − (1 + r)⁻ⁿ).
Frequently asked questions
Why does paying the minimum take so long?
Minimums are often just interest plus 1% of the balance, so most of each payment is interest. Paying a fixed, higher amount cuts years off.
What if my payment is less than the interest?
The balance would never go down. The calculator warns you and shows the minimum payment needed to make progress.
Should I consider a balance transfer?
A 0% transfer card can save a lot if you can clear the balance within the promo period. Try our balance transfer calculator.