Credit Card Payoff Calculator
Credit Card Payoff Calculator
Calculate how long it will take and how much interest you'll pay to pay off your credit card balance.
Credit card interest compounds fast — at a typical 19.99% APR, making only minimum payments can keep you in debt for years and cost far more in interest than the original balance. This calculator shows how long it will actually take to pay off your balance, and how much interest you'll pay, at your current payment amount.
How This Calculator Works
The calculator applies your card's monthly interest rate (APR ÷ 12) to your outstanding balance each month, subtracts your payment, and repeats until the balance reaches zero — the same way your card issuer calculates interest. It totals every month's interest charge to show your true total cost, not just the number of months.
Frequently Asked Questions
Why does paying only the minimum take so long to pay off a credit card?
Minimum payments are calculated to cover most of that month's interest plus a small amount of principal, so very little of each payment actually reduces your balance — at a typical 19.99% APR, this can stretch payoff out for years and multiply your total interest cost.
How much can I save by paying more than the minimum?
Even a modest increase in your monthly payment can cut both your payoff time and total interest significantly, because more of each payment goes toward principal instead of interest — try a few different payment amounts in the calculator to see the difference.
Should I pay off my highest-interest card first or my smallest balance first?
Paying off the highest-interest balance first (the "avalanche" method) saves the most money in interest over time; paying off the smallest balance first (the "snowball" method) can build momentum and motivation, even though it usually costs slightly more in total interest.
Does this calculator account for new purchases added to the card?
No — it assumes no new charges are added while you're paying down the balance. Adding new purchases while carrying a balance will extend your payoff time and increase your total interest beyond what's shown here.