Credit Card Payoff Calculator
Enter your balance, APR and what you can pay each month to see your debt-free date and total interest, or pick a date and get the payment.
Free, no sign-upRuns in your browserHow we calculate
On your statement under “Interest charge calculation”.
- First month's interest
- $91.67
- Interest as % of balance
- 35%
- Payment to clear it in 3 years
- $190.95
| Year | Paid | Interest | Balance left |
|---|---|---|---|
| 1 | $2,400.00 | $960.57 | $3,560.57 |
| 2 | $2,400.00 | $609.92 | $1,770.49 |
| 3 | $1,949.88 | $179.39 | $0.00 |
Assumes no new purchases or fees and a fixed APR; issuers compound daily, which adds a little. Educational, not financial advice.
How the credit card payoff calculator works
Each month the card charges interest on the balance you carry, at your APR divided by 12, and your payment first covers that interest; only the rest lowers the balance. The credit card payoff calculator repeats that month by month until the balance reaches zero, then reports how long it took and how much interest you paid. Plan by payment to see your debt-free date, or by payoff date to get the monthly payment you need, from the standard amortization formula P = B × r ÷ (1 − (1 + r)−n).
Worked example
A $5,000 balance at 22% APR costs $91.67 in interest in the first month (5,000 × 0.22 ÷ 12). Paying $200 a month, $108.33 goes to the balance at first, and the share grows as the interest shrinks. The card is paid off after 34 payments, with $1,749.88 of interest. Raise the payment to $300 and it takes 21 months and $1,021.60 of interest. To be done in exactly three years you need $190.95 a month.
What makes the biggest difference
The payment amount matters far more than anything else, because every extra dollar goes straight to the balance. A lower rate helps next: moving the same $5,000 to a 0% balance-transfer card and paying $200 clears it in 25 months, minus the transfer fee (usually 3% to 5%). Paying more often within the month helps only a little, since card interest is charged on the average daily balance.
When the result is off
The calculator assumes no new purchases, no fees and a fixed APR. Card issuers compound interest daily (APR ÷ 365 on each day's balance), which adds a few cents to a few dollars a month compared with this monthly estimate. A promotional rate that expires, a penalty APR after a late payment, or new charges will all stretch the timeline. With several cards, list them in the debt snowball calculator to see which one to pay first.
Sources
Consumer Financial Protection Bureau (how credit card interest and minimum payments work), Regulation Z 12 CFR 1026.7(b)(12) (the minimum-payment and 36-month repayment disclosure on statements).
Frequently asked questions
How long will it take to pay off my credit card?
Work month by month: interest is your APR ÷ 12 times the balance, and the rest of your payment lowers the balance. $5,000 at 22% APR with $200 a month takes 34 months and $1,749.88 of interest.
How much should I pay to clear my card in 3 years?
Use P = B × r ÷ (1 − (1 + r)^−36), where r is the APR ÷ 12. For $5,000 at 22% that is $190.95 a month; your statement prints this 36-month figure too.
What if my payment only covers the interest?
Then the balance never goes down. At 24% APR a $5,000 balance costs $100 a month in interest, so a $100 payment pays nothing off.
Is it better to pay off a credit card all at once?
Yes, if you can without draining your emergency fund. Every month a balance is carried it costs interest at the card's APR, which is higher than what savings earn.
Does a balance transfer help pay off a card faster?
It can. At 0% APR every dollar goes to the balance: $5,000 at $200 a month takes 25 months instead of 34, minus a transfer fee of usually 3% to 5%. Pay it off before the promotional rate ends.