Credit Card Payoff Calculator
See how long it takes to pay off a credit card and the total interest, or find the monthly payment needed to be debt-free by a target date.
Credit cards charge interest every month on the balance you carry, so a small payment can stretch a balance out for years. This calculator shows how many months a fixed monthly payment will take to clear your card and how much interest you will pay — or, if you have a target date, the monthly payment you need to hit it. It assumes you stop adding new charges to the card.
How to use this tool
- Enter the current balance and the APR shown on your statement.
- Choose whether you want to enter a fixed monthly payment or a number of months.
- Enter that payment or the number of months.
- Read the payoff time, total interest and the month-by-month schedule.
Formula
n = −ln(1 − r × B / P) ÷ ln(1 + r)
n is the number of months, B the balance, P the monthly payment and r the monthly rate (APR ÷ 12 ÷ 100). If P is not larger than r × B, the payment only covers interest and the balance never falls. For a target of n months the payment is P = B × r ÷ (1 − (1 + r)^−n). At 0% APR, use n = B ÷ P or P = B ÷ n; payment counts round up.
Example
A $5,000 balance at 22% APR costs about $91.67 in interest in the first month. Paying $200 a month clears it in 34 months (2 years 10 months) with $1,749.88 of interest, so you pay $6,749.88 in total. Adding $50 to that payment saves $464.16, and to be debt-free in 24 months you would need to pay $259.39 a month.
Frequently asked questions
How do card issuers really calculate interest?
Most apply a daily periodic rate (APR ÷ 365) to your average daily balance. For a steady balance that gives almost the same result as APR ÷ 12, so the payoff time here is a close estimate rather than an exact statement figure.
Why does paying only the minimum take so long?
Minimum payments are usually a small percentage of the balance plus interest, so they shrink as the balance shrinks. US statements include a minimum payment warning showing how long minimums alone would take; a fixed payment is much faster.
Would a balance transfer help?
A 0% transfer offer stops interest for the promotional period, but a transfer fee of a few percent is common. Enter the balance plus the fee and 0% APR to see the payment needed to clear it before the offer ends.
Sources
This tool gives an estimate for general information only. It is not financial, tax, legal or medical advice — check with a qualified professional before you rely on the result.
Last updated: 2026-10-30