Credit Card Payoff Calculator
Find out how long it takes to clear a credit card balance and how much interest you'll pay at your monthly payment.
Updated 20 Jun 2026 · Free · No sign-up
This assumes a fixed monthly payment and no new charges. Paying more than the minimum dramatically cuts both time and interest.
Credit card interest is some of the most expensive debt there is, and paying only the minimum can keep you in debt for years. This credit card payoff calculator shows exactly how long it’ll take to clear your balance at a given monthly payment, and how much interest you’ll hand over along the way. Then try raising the payment — the difference is often eye-opening.
How the payoff calculator works
Each month your card charges interest on the remaining balance, your payment is applied, and the balance drops by whatever’s left after interest. The calculator runs this month by month until the balance hits zero, counting the months and adding up the interest. The crucial insight: if your payment barely exceeds the monthly interest, almost nothing goes toward principal and the balance takes a very long time to fall.
The math
The number of months to pay off is n = −log(1 − (B × i) ÷ P) ÷ log(1 + i), where B is your balance, i is the monthly rate (APR ÷ 12 ÷ 100) and P is your fixed monthly payment. If your payment is less than or equal to B × i (the first month’s interest), the balance never clears — which is exactly the trap of minimum-only payments.
A worked example
A $6,000 balance at 22% APR with a $250 monthly payment takes about 32 months to clear and costs roughly $1,980 in interest. Bump the payment to $400 a month and you’re done in about 18 months with roughly $1,080 in interest — saving both time and around $900. Drop to a $150 payment and the payoff stretches past six years (about 73 months); pay only the interest and you’d never get out at all.
Strategies to pay off faster
Pay a fixed amount above the minimum every month rather than a shrinking minimum. Consider the avalanche method (attack the highest-APR card first to save the most interest) or the snowball method (clear the smallest balance first for motivation). A lower-rate personal loan or a 0% balance-transfer offer can also cut interest — just watch for fees. Our guide on paying off credit card debt fast walks through each option.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and monthly payment. The calculator runs the balance month by month until it reaches zero and shows the payoff time. Paying more than the minimum shortens this dramatically — raising your monthly payment is the single biggest lever.
Why does paying the minimum take so long?
Minimum payments are intentionally small, so most of the money goes to interest and the balance barely falls. If your payment only just exceeds the monthly interest, payoff can take many years. If it equals or is below the monthly interest, the balance never clears at all.
How much interest will I save by paying more?
Often a lot. In our example, raising a $6,000 balance's payment from $250 to $400 a month cut the payoff from about 32 months to 18 and saved roughly $900 in interest. Enter different payment amounts here to see your own savings.
Should I consolidate my credit card debt?
A lower-rate personal loan or a 0% balance-transfer card can reduce interest if the new rate (after any fees) is clearly lower than your card's APR. Compare carefully. This tool provides educational estimates only and is not financial advice.