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Credit Card Payoff Calculator
Calculate your debt freedom date and total interest cost based on your current monthly payment.
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Months to Pay Off
Total Interest Paid
Total Amount Paid
Calculated in your browser. We never see your numbers.
How to Use This Calculator
Enter your current credit card balance, the annual percentage rate (APR) shown on your statement, and the fixed monthly payment you plan to make. Click Calculate to instantly see how many months until your card is paid off, total interest you will pay, and the total amount you will spend. If your monthly payment does not exceed the interest charge, the calculator will warn you that the debt cannot be paid off at that payment level.
Credit Card Payoff Formula
The number of months to pay off a credit card is calculated as: months = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r), where r is the monthly interest rate (APR ÷ 100 ÷ 12). The result is rounded up to the nearest whole month. If your APR is 0%, the formula simplifies to balance ÷ monthly payment, rounded up. For example, a $5,000 balance at 20% APR with $150/month: r = 0.20 ÷ 12 ≈ 0.01667, months = −ln(1 − 5000 × 0.01667 ÷ 150) ÷ ln(1.01667) ≈ 50 months.
Example Calculation
Suppose you have a $5,000 credit card balance at 20% APR and you pay $150 per month. This calculator shows you will pay off the debt in approximately 50 months (a little over 4 years) and pay roughly $2,350 in total interest. If you increase your payment to $200 per month, the payoff drops to about 32 months and saves over $1,000 in interest. Even small increases in your monthly payment make a significant difference over time.
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Frequently Asked Questions
What is a credit card APR?
APR stands for Annual Percentage Rate and represents the yearly interest cost of carrying a balance on your credit card. For example, an APR of 20% means you pay roughly 1.67% per month on your outstanding balance. The higher the APR, the faster interest accumulates, making it critical to pay more than the minimum whenever possible.
How long does paying only the minimum take?
Paying only the minimum on a credit card can take decades to pay off a balance. Most minimum payments are calculated as 1–2% of your balance or a flat fee (whichever is higher), meaning the vast majority of your payment goes toward interest, not principal. For example, a $5,000 balance at 20% APR with a minimum payment of $100 could take over 9 years and cost more than $6,000 in interest.
What are the best strategies for paying off credit card debt?
The two most popular strategies are the debt avalanche (pay off highest-APR cards first to minimize total interest) and the debt snowball (pay off smallest balances first for quick wins and motivation). Both strategies work — the best one is the one you'll stick with. Regardless of strategy, paying as much above the minimum as possible dramatically reduces payoff time and total interest.
Does paying more than the minimum save money?
Yes, significantly. Even small increases above the minimum payment can save hundreds or thousands of dollars in interest. For example, on a $5,000 balance at 20% APR: paying $100/month costs about $5,300 in interest and takes 10+ years. Paying $200/month costs only about $1,500 in interest and takes less than 3 years. Every dollar extra you pay reduces the principal faster, which reduces future interest charges.
What is a balance transfer?
A balance transfer moves your existing credit card debt to a new card, often with a 0% introductory APR for 12–21 months. This can save significant interest if you pay off the balance before the promotional period ends. Watch for balance transfer fees (typically 3–5% of the transferred amount) and ensure the regular APR after the promotion is reasonable. Use this calculator to see how much interest you can save with a 0% APR transfer.
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