Credit Card Payoff Calculator
Enter your balance, APR and monthly payment to see how long it takes to clear the card, and what it costs you in total.
Months to pay off:
Total interest paid:
Total paid:
Payoff date:
Total paid is approximate — your last payment is smaller than the rest.
Your numbers stay in your browser. Nothing is sent or stored.
A credit card is easy to spend on and slow to pay off. The interest added every month keeps the balance up, and a small payment barely brings it down. This credit card payoff calculator shows you the other side of the card: how many months it takes to clear the balance at the payment you choose, how much interest you pay along the way, and the month you finally become debt-free. The three numbers you need are all on your statement, and the answer appears as you type.
How to use this credit card payoff calculator
- Enter your card balance. This is the amount you owe right now, including any interest already added. You can find it at the top of your statement or in your card app.
- Enter your APR. This is the annual interest rate on the card, shown as a percentage. A card at 18% APR charges about 1.5% of the balance in interest each month.
- Enter your monthly payment. This is the amount you plan to pay every month until the card is clear.
The results update as you type. You will see the number of months to pay off, the total interest, the total paid, and the payoff date. If your payment does not cover the first month of interest, the calculator tells you plainly that the balance would never fall, so you know to raise the payment.
Worked example: $5,000 at 18% APR
Take a card with a $5,000 balance at 18% APR, and a monthly payment of $150. Here is how the numbers work, step by step.
First, turn the APR into a monthly rate. 18% a year divided by 12 is 1.5% a month. On a $5,000 balance, the first month of interest is $75. Your $150 payment covers that $75, and the other $75 comes off the balance, leaving $4,925.
Each month the same thing happens. Interest is charged on the balance that is left, and your payment chips a little more off it. Because the balance falls, the interest falls too, so more of each payment goes to the balance instead of the interest.
After 46 payments of $150, only about $82 is left. The final payment, in month 47, is about $84, and the card is clear. In total you pay about $6,983: the $5,000 you borrowed plus about $1,983 of interest. You are debt-free in about 47 months, which is just under four years.
Now try the same card with a $50 payment. The first month of interest is $75, so a $50 payment does not even cover the interest. The balance grows instead of shrinking, and the card is never paid off. That is why the calculator shows a warning instead of a number.
Why paying more than the minimum matters
The minimum payment on a card is usually only a small share of the balance. It is often around 1% or 2% of the balance plus the interest, or a small fixed amount. Most of that payment goes to interest, so the balance barely moves. On a $5,000 balance at 18% APR, the minimum might be about $125 in the first month, and $75 of that is interest. Only $50 comes off the balance.
Paying a fixed amount above the minimum changes the picture fast. Every extra dollar you pay goes straight to the balance, and a lower balance means less interest next month. The interest shrinks, more of each payment reaches the balance, and the months fall away.
Even $25 extra a month makes a real difference. On the $5,000 example, raising the payment from $150 to $175 cuts the payoff time from about 47 months to about 38 months, and saves roughly $400 of interest. The sooner the balance falls, the less the card costs you. If you can pay more than the minimum, pay a fixed amount you can keep up every month, and let the calculator show you what it saves.
Frequently asked questions
How is the payoff time worked out?
The calculator turns your APR into a monthly rate by dividing it by 12, then works out how many monthly payments it takes to clear the balance at that rate. The months are rounded up to a whole month, and the last payment is smaller than the rest. If your payment is not more than the first month of interest, the balance never falls, so the calculator says so instead of giving a number.
What happens if I only pay the minimum?
The minimum payment is usually only a small share of the balance, and most of it goes to interest. The balance falls very slowly, so the card takes years longer to clear and costs far more in interest. Paying a fixed amount above the minimum is almost always the cheaper choice.
Does paying extra each month help?
Yes — every extra dollar cuts the interest and the months. Extra money goes straight to the balance, which lowers next month's interest, so more of each payment reaches the balance. Even $25 extra a month can cut months off the payoff time and save hundreds of dollars in interest.
What is APR?
APR is the annual percentage rate — the yearly cost of borrowing on the card, shown as a percentage of the balance. A card with 18% APR charges about 1.5% of the balance in interest each month. A lower APR means less interest and a faster payoff, which is why a balance-transfer card with a low introductory APR can help.
Is this exact?
No — it is an estimate. Real cards compound interest daily and terms differ, so check your statement. The calculator assumes a fixed APR, a fixed monthly payment and no new spending on the card. If you keep using the card, or the APR changes, the payoff time will be longer.