Credit Card Payoff Calculator
Find out how many months it will take to pay off a credit card balance at your APR and monthly payment.
More options (2)
About the Card Payoff Calculator
Credit card interest compounds monthly on a revolving balance, and paying only the minimum can stretch payoff for years while interest quietly outpaces your progress. This calculator tells you exactly how many months it will take to reach zero at your chosen monthly payment, plus the total interest that payment schedule will cost.
How It Works
Each month, the calculator charges interest on the remaining balance at your APR divided by 12, then applies the rest of your payment to principal, repeating until the balance reaches zero. If your monthly payment does not exceed the interest being charged, the balance would never shrink, so the calculator flags that case instead of returning a misleading result.
Interest(month) = Balance × (APR/12); Principal(month) = Payment − Interest(month); repeat until Balance ≤ 0.
Worked example
Scenario: A $6,000 balance at 22% APR, paying a fixed $250 every month with no new purchases.
- Monthly rate: 22% ÷ 12 = 1.833%.
- Month 1 interest: $6,000 × 1.833% = $110.00, so $140.00 of the $250 reduces the balance.
- Repeating this each month clears the balance in 32 payments (the last one is smaller).
- Total interest ≈ $1,979.05; total paid ≈ $7,979.05.
Result: 32 months (2 years 8 months) and about $1,979 of interest.
Minimum payment vs a fixed payment
Card issuers set the minimum payment as a small share of the balance plus that month's interest, so the minimum shrinks as the balance falls and the debt drags on for years. This calculator models a common rule — 1% of the balance plus interest, with a $25 floor — and shows it next to your fixed payment. Your card agreement may use a different rule; you can change both numbers under More options.
On the worked example ($6,000 at 22% APR), the first minimum payment is $170.00. Paying only the minimum every month takes 20 yr 9 mo and costs $9,933.11 in interest. A fixed $250.00 a month clears the same balance in 32 months for $1,979.05, saving $7,954.06.
| Fixed monthly payment | Months to pay off | Total interest |
|---|---|---|
| $150.00 | 73 | $4,913.45 |
| $200.00 | 44 | $2,790.68 |
| $250.00 | 32 | $1,979.05 |
| $300.00 | 26 | $1,542.87 |
| $400.00 | 18 | $1,081.25 |
The first $50 above the minimum does the most work: moving from $150 to $200 a month cuts the payoff time from 73 to 44 months. If you have a deadline instead of a budget, enter it in Pay off within (months) and the calculator returns the payment that clears the balance in that time, assuming no new purchases and a constant APR.
Why minimum payments can take a long time
Credit-card interest can make a small payment stretch repayment over many months or years. Increasing the payment can reduce both payoff time and interest. Actual issuer calculations may use daily balances and can include fees or variable APRs.
Tips and common mistakes
- Stop using the card while paying it down; new purchases restart the clock.
- Paying $300 instead of $250 clears this balance in 26 months and saves about $436 in interest.
- A 0% balance-transfer card can help if the transfer fee (usually 3–5%) is smaller than the interest you'd save.
Assumptions & Limitations
- Assumes no new purchases are added to the balance while paying it down.
- Assumes the monthly payment stays exactly the same every month until payoff.
- Real card issuers may use average daily balance methods that produce slightly different interest amounts than this simplified monthly model.
- Late fees or promotional rate changes are not factored in.
Sources and review
Method: Month-by-month simulation: interest is charged at APR ÷ 12 on the remaining balance, then the fixed payment is applied.
Sources:
- CFPB guidance on credit card interest. Note: most issuers apply a daily periodic rate to the average daily balance, which this monthly method closely approximates.
Last reviewed: October 2026 by Faheem Ali, founder of CalculatorAnything. The method and examples are provided for transparency; results remain estimates and may contain errors.
Results are estimates for planning and comparison, not financial advice or a lender's quote. Rates, fees, tax rules and regulations vary by country and change over time; confirm figures with your lender or a licensed adviser. Spotted an error? Tell us — see our editorial policy for how corrections are handled.