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Credit Card Payoff Calculator

See how long it takes to pay off a credit card balance.

$
%
I want to
$

Debt-free in

–

Monthly payment
Total interest
Total paid
Debt-free date

Results are estimates for general information only and are not financial advice. Check important figures with a qualified professional or your lender. Read our disclaimer.

When to use it

Use this calculator when you want a clear plan to clear a credit card balance. It answers two questions: how long will it take if I pay a fixed amount each month, and how much do I need to pay to be debt-free by a certain date? It also shows how much interest you will pay along the way, which is often the number that motivates people to pay more.

How to use it

  1. Choose your Currency.
  2. Enter your Card balance and the Interest rate (APR) from your statement.
  3. Under I want to, pick Pay a fixed amount or Be debt-free by.
  4. Enter your Monthly payment, or the number of Months to pay it off.
  5. Read the results: Debt-free in, Total interest, Total paid and the Debt-free date.

In fixed-payment mode, the tool also shows what happens if you pay 25% more each month, so you can see the saving straight away.

Worked example

You owe $5,000 at 22.9% APR and can pay $250 a month. The card will be clear in 2 years and 2 months (26 payments). You will pay $1,358.22 in interest, so $6,358.22 in total.

The tool then suggests paying $312.50 a month instead. That clears the card in 1 year and 8 months and saves $334.90 in interest.

Switch to Be debt-free by and enter 24 months. The tool shows you need about $261.62 a month, with around $1,279 of interest in total.

Tips

  • Pay a fixed amount, not the minimum. Set up a standing payment for the same sum every month, even as the balance falls.
  • Round up. Small increases make a big difference at credit card rates. Try a few amounts and watch the total interest change.
  • Stop adding to the balance. Use a debit card or cash while you pay the card down.
  • Ask for a lower rate. Card companies sometimes agree, especially if you have paid on time.

Common mistakes

  • Using the wrong rate. Cash advances and expired promotional offers often carry a higher rate than purchases.
  • Forgetting fees. Late fees and annual fees add to the balance. Paying on time avoids late fees and can protect a promotional rate.
  • Comparing payments, not totals. A lower monthly payment feels easier, but it nearly always means more interest overall. Look at Total paid before you decide.

Results are estimates. Your card company works out interest daily and may round differently, so your actual payoff date can differ by a month or so.

Frequently asked questions

Why does paying the minimum take so long?

Minimum payments are often set at 1% to 3% of the balance plus interest. As the balance falls, the minimum falls too, so most of each payment goes on interest for years. A fixed payment that stays the same clears the card much faster.

What is APR?

APR is the annual percentage rate, the yearly interest rate on your card. You can find it on your statement or in your card app. Cards often have different rates for purchases, cash withdrawals and balance transfers, so use the rate that applies to your balance.

Does the calculator include new spending?

No. It assumes you stop using the card and make the same payment every month. If you keep spending on the card, it will take longer to clear and cost more interest.

Is a 0% balance transfer worth it?

It can be, if you clear most of the balance before the offer ends. Check the transfer fee, often 3% to 5%, and the rate after the offer. To compare, run the calculator with the fee added to the balance and a 0% rate for the offer months.

What if my payment does not cover the interest?

Then the balance will never go down, and the calculator will tell you so. Raise the monthly payment until it is more than the interest charged each month.

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