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Credit Card Payoff Calculator

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Unlike a mortgage or car loan, a credit card doesn't have a fixed term — you decide how much to pay each month. Enter your balance, APR, and the fixed amount you plan to pay monthly to see how long payoff will take and how much interest you'll pay along the way.

Credit Card Payoff Calculator

Live
Time to pay off
35 months
Total interest
$1,860
Total paid
$6,860
Assumes no new charges are added to the card while you pay it off.

How payoff time is calculated

Credit cards charge interest on the remaining balance each month. If your payment is bigger than that month's interest, the extra amount reduces your principal — so the balance shrinks a little faster each month as interest drops.

n = −log(1 − r·P ÷ M) ÷ log(1 + r)

P is your balance, r is the monthly rate (APR ÷ 12 ÷ 100), M is your fixed monthly payment, and n is the number of months to reach zero.

Example

A $5,000 balance at 22.9% APR, paying $200/month: it takes about 35 months to pay off, with roughly $1,860 in total interest.

Step-by-step guide

  1. Enter your current balance.
  2. Enter your card's APR — check your statement or account portal for the exact rate.
  3. Enter how much you plan to pay each month. The payment must be more than one month's interest, or the balance will never go down.
  4. Read your payoff time and total interest. Try raising the payment amount to see how much time and interest you'd save.

Common mistakes

Paying only the card's minimum payment, which is often set just above the interest charge — this can stretch payoff out for years and multiply the total interest paid.
Continuing to add new charges to the card while trying to pay it off — this calculator assumes no new spending on the balance.

Frequently asked questions

Why does it say my payment will never pay off the balance?

If your monthly payment is smaller than that month's interest charge, the balance grows instead of shrinking. Increase your payment above the interest amount shown as a starting point.

Is APR the same as the interest rate?

For most credit cards, yes — APR (annual percentage rate) is how card issuers typically express the interest rate, usually compounded monthly.

Would a balance transfer help?

A lower-rate balance transfer can reduce total interest significantly — try entering a lower APR above to compare, but factor in any balance transfer fee, which is usually a percentage of the amount moved.

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