Credit Card Payoff Calculator
Calculate how long it will take to pay off your credit card. Enter your balance, APR, and monthly payment to see your payoff date and total interest.
Payoff in: 48 months
Payoff date: 2/27/2030
Total interest: $2,162.63
How It Works
Each month, interest is charged on your remaining balance at your APR. Your payment first covers interest, then the rest goes to principal. The formula:
Monthly Interest = Balance × (APR ÷ 12 ÷ 100)
Principal = Payment − Interest
Important: If your monthly payment does not exceed the monthly interest, your balance will never decrease. You must pay more than the interest to make progress.
Examples
Standard card with $5,000 balance
$5,000 balance at 18.99% APR, paying $150/month
$5,000 @ 18.99% APR, $150/mo
High balance, aggressive payment
$15,000 at 22% APR, paying $500/month
$15,000 @ 22% APR, $500/mo
Low APR balance transfer
$8,000 0% APR promo, $200/month (no interest during promo)
$8,000 @ 0% APR, $200/mo
Minimum payment trap
$3,000 at 24% APR with $90 minimum - see how long it takes
$3,000 @ 24% APR, $90/mo
Quick payoff
$2,000 balance, $400/month pays off in ~6 months
$2,000 @ 16% APR, $400/mo
Frequently Asked Questions
- How does the credit card payoff calculator work?
- The calculator uses your balance, APR, and monthly payment to compute how long it will take to pay off your card. It assumes you make the same payment each month and applies the standard formula: each month, interest is charged on the remaining balance, and the rest of your payment goes toward principal.
- What if my monthly payment is less than the interest?
- If your monthly payment does not exceed the monthly interest charge, your balance will never decrease. The calculator will show a warning. You need to increase your payment or consider a balance transfer to a lower APR card.
- Does the calculator account for minimum payment changes?
- No. This calculator assumes a fixed monthly payment. In reality, minimum payments may change as your balance decreases. For accuracy, use a payment amount you plan to maintain.
- Can I use this for multiple credit cards?
- This version calculates a single card. For multiple cards, use our Debt Snowball or Debt Avalanche calculators to compare payoff strategies.