Credit Card Payoff Calculator

See how long it will take to pay off a credit card balance and how much interest you'll pay, or find the monthly payment that clears it in the time you choose.

The purchase APR on your statement.

Time to pay off
2 years 8 months
Total interest
$1,979.05
Total paid
$7,979.05
Final payment
$229.05
Interest charged in the first month
$110.0044% of your first payment
  • Assumes no new purchases, no fees, and the APR staying the same. Card issuers charge interest daily on the average daily balance, so your actual interest can differ slightly from this monthly estimate.
  • Paying only the minimum takes much longer: minimum payments shrink as the balance falls, which stretches out the repayment.

Payment needed to be debt-free by a target date

MonthsMonthly paymentTotal interest
6$1,065.14$390.83
12$561.57$738.80
18$394.37$1,098.69
24$311.27$1,470.45
36$229.14$2,249.14
48$189.04$3,073.75
60$165.71$3,942.81

How credit card interest piles up

Card interest is charged on whatever you carry from one month to the next. Many issuers convert the APR to a daily periodic rate and apply it to your average daily balance, which works out close to APR ÷ 12 per month. At 22% APR, a $6,000 balance accrues about $110 of interest in a month, so of a $250 payment only around $140 actually reduces what you owe.

That's why small payments barely move the balance. As the balance falls, more of each payment goes to principal, which is why holding a fixed payment (instead of dropping to the shrinking minimum) speeds things up so much.

Ways to pay it off faster

Stop adding new charges to the card you're paying off; otherwise you're paying down one end while filling up the other. Pay a fixed amount every month, and add any windfalls. If you have several cards, put the extra toward the highest APR first (the debt payoff calculator compares strategies).

A 0% balance transfer can help if you can clear the balance before the promotional period ends, but transfer fees are common and the rate jumps afterwards. Calling your issuer to ask for a lower rate costs nothing. If you're struggling to make payments, a nonprofit credit counseling agency can help you set up a plan.

Reading the result

If you chose a fixed payment, the headline is how long it takes, with the total interest you'll pay along the way. If you chose a target, it's the payment that gets you there. The table lets you weigh speed against monthly cost: paying a $6,000 balance at 22% over 12 months instead of 36 costs $561.57 a month instead of $229.14, but saves about $1,510 in interest ($738.80 against $2,249.14).

The formulas

Each month: interest = balance × APR ÷ 12; new balance = balance + interest − paymentPayment to clear in n months = B × r ÷ (1 − (1 + r)^−n)Months to pay off = −ln(1 − B × r ÷ P) ÷ ln(1 + r)
  • B = current balance
  • r = APR ÷ 12, as a decimal
  • P = fixed monthly payment
  • n = number of months

Example: $6,000 at 22% APR

  1. Monthly rate r = 0.22 ÷ 12 ≈ 1.833%. First month's interest: $6,000 × 0.01833 = $110.00.
  2. Paying $250 a month: −ln(1 − 6,000 × 0.01833 ÷ 250) ÷ ln(1.01833) ≈ 31.9, so it takes 32 months.
  3. Total interest over those 32 months: $1,979.05, with a smaller final payment of $229.05.
  4. To be debt-free in 24 months instead, you'd pay $311.27 a month and $1,470.45 in interest.

Frequently asked questions

What if I only pay the minimum?

Each issuer sets its own minimum, and it usually falls as you pay down the card, so repayment can stretch over many years and cost far more interest. Federal rules require your statement to show a minimum payment warning with how long paying only the minimum would take and, in most cases, the monthly payment that would clear the balance in 3 years.

Why doesn't my balance go down?

If your payment barely covers the monthly interest, almost nothing reaches the principal, and new purchases can make the balance rise. This calculator warns you when a payment doesn't cover the interest.

Is a balance transfer worth it?

It can be if the transfer fee is lower than the interest you'd save and you pay the balance off before the promotional rate ends. Run this calculator at your current APR and compare the interest with the transfer fee.

Should I pay off my credit card or save?

Many people keep a small emergency fund first, so a surprise expense doesn't go back on the card, then put extra cash toward the card. Interest on card debt is usually far higher than what savings earn.

Sources

Last reviewed for 2026. How we calculate.