Money · Debt
Credit Card Payoff Calculator
Find out how long your balance could take to pay off at your current payment, what it costs in interest, and what payment would clear it by your goal date.
Your result
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How it's calculated
Each month: interest = balance × APR ÷ 12; balance = balance + interest − payment
Repeated until the balance reaches $0. If the payment doesn't cover the monthly interest, the balance never goes down.
Worked example
A $5,000 balance at 22% APR with $200 a month:
- Month 1 interest = $5,000 × 0.22 ÷ 12 = $91.67, so only $108.33 reduces the balance.
- Repeating that, the card is paid off in 34 months with about $1,750 in interest.
- To be done in 24 months instead, the payment would need to be about $259.
Common questions
Why does the minimum payment take so long?
Minimum payments are often little more than the month's interest, so very little goes toward the balance itself.
Avalanche or snowball?
With several cards, paying extra on the highest-APR card first (avalanche) usually saves the most interest. Paying the smallest balance first (snowball) can feel more motivating. Either beats paying minimums.
Could a balance transfer help?
A 0% transfer offer may lower interest for a while, but check the transfer fee and what the rate becomes afterward.
For education only, not financial advice. Card issuers may calculate interest daily, so actual figures can differ slightly.