Credit Card Payoff Calculator
Find out how long your card balance will take to pay off and what it will cost, compare paying the minimum with a fixed payment, and see the payment needed to be debt-free by a date you choose.
With your payment
How to use the credit card payoff calculator
- Enter your balance and APR from your statement.
- Enter the monthly payment you can afford, or a target number of months to see the payment you need.
- Check your card's minimum payment formula (usually 1% of the balance plus interest, or a flat floor such as $35) to compare with the minimum-only path.
Why minimum payments cost so much
Card minimums are designed to keep you paying for a long time. They are typically 1% of the balance plus that month's interest, with a small floor. As the balance falls, so does the minimum, so you pay off more and more slowly. A $6,500 balance at 22.9% paid at the minimum can take well over a decade and cost thousands in interest. Your statement's "minimum payment warning" box shows the same thing.
A fixed payment that stays the same as the balance shrinks is the single biggest lever: more of each payment goes to principal every month. Even $50 or $100 above the minimum can cut years off.
If you carry balances on several cards, our debt payoff calculator compares the avalanche (highest rate first) and snowball (smallest balance first) methods. A 0% balance transfer can also help, as long as the transfer fee is lower than the interest you would pay and you can clear the balance before the promotional rate ends.
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Frequently asked questions
How is credit card interest calculated?
Card interest is charged on your average daily balance at your APR divided by 365. This calculator uses the standard monthly approximation of APR ÷ 12.
How long will minimum payments take?
Often 10 to 20+ years for a typical balance, because the minimum shrinks as the balance does.
Should I pay off my card or save?
Keep a small emergency cushion, then pay off high-interest cards first; few investments reliably beat a 20%+ APR.
Does this include new purchases?
No. It assumes you stop adding new charges to the card.