Credit Card Payoff Calculator
It works out how many months a card balance takes to clear at a given payment, the total interest cost, and what extra payments save.
Debt free in
3y 0m
Total paid
$8,867.62
Total interest
$2,467.62
Suggested minimum
$128.00
With +$50
28 mo
Interest saved
$570.94
Months saved
8
What it calculates
It works out how many months a card balance takes to clear at a given payment, the total interest cost, and what extra payments save.
Why it matters
Card APRs typically run 18–30%, so minimum payments can stretch a modest balance across decades.
Who it's for
Anyone carrying revolving balances or planning a debt payoff strategy.
Formula
- B
- Current balance
- APR
- Annual percentage rate
- PMT
- Monthly payment
Worked example
$5,000 at 22% APR, paying $200/month
- 1Monthly rate = 22% ÷ 12 = 1.833%
- 2n = −log(1 − B·r/PMT) / log(1 + r)
- 3n = −log(1 − 5,000 × 0.01833 ÷ 200) / log(1.01833) ≈ 33.7
34 months and roughly $1,750 in interest
How the credit card payoff calculator works
Interest accrues monthly on the outstanding balance. Anything above that interest reduces principal. If your payment barely exceeds the monthly interest, the balance shrinks almost imperceptibly.
Interest is charged monthly on the remaining balance, so every extra dollar you pay above the minimum removes compounding interest for the rest of the term.
If your payment is smaller than the monthly interest, the balance never clears — the calculator flags that case.
Common mistakes
- Paying only the minimum, which is usually set as a small percentage of the balance.
- Adding new spending to a card you are trying to pay down.
- Missing the end of a 0% promotional period.
Tips and best practice
- Attack the highest APR first (avalanche) to minimize total interest.
- A balance transfer can work, but factor in the transfer fee.
Frequently asked questions
How long will it take to pay off my credit card?
n = −log(1 − B·r/PMT) / log(1 + r), where r is the monthly rate. The calculator solves it for you.
Why does the minimum payment take so long?
Minimums are set just above the monthly interest, so very little goes to principal.
Is it better to save or pay off card debt?
Paying down a 22% APR balance is a guaranteed 22% return — almost always better than saving.
Does a balance transfer help?
It can, if you clear the balance within the promotional window and the fee is smaller than the interest saved.
Related calculators
Methodology & trust
- Formula source
- Revolving credit amortization formula.
- Last updated
- 2026-07-28
- Privacy
- Every calculation runs in your browser. No inputs are sent to a server or stored.
- Accessibility
- Keyboard navigable, labeled inputs and WCAG AA color contrast.