Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card balance and how much interest you will pay.
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How to use this calculator
n = months to payoff, r = monthly rate, B = balance, P = monthly payment.
- 1
Enter your current credit card balance.
- 2
Enter the annual interest rate (APR) on your card.
- 3
Enter the fixed monthly payment you plan to make.
- 4
The calculator shows how long it takes to pay off the debt and total interest paid.
Frequently asked questions
What happens if I only make the minimum payment?
Minimum payments are typically 1–3% of the balance. At 20% APR, a $5,000 balance with minimum payments could take over 20 years to pay off and cost more than $5,000 in interest — more than the original debt.
How much does an extra $50/month matter?
Significantly. On a $5,000 balance at 20% APR with $150/month payments, payoff takes 41 months. Adding $50 (to $200/month) cuts it to 29 months and saves hundreds in interest.
What is the avalanche vs snowball payoff method?
Avalanche: pay minimums on all cards, put extra money toward the highest-rate card first. Saves the most interest. Snowball: pay off smallest balance first for psychological wins. The calculator works for a single card — repeat for each card in your plan.
Does this calculator account for new purchases?
No — it assumes no new purchases are added to the balance. To pay off debt effectively, stop adding new charges to the card while paying it down.
Credit card debt payoff explained
The true cost of credit card debt
Credit cards are the most expensive common form of debt, with APRs typically ranging from 15–29%. At 20% APR, every $1,000 of balance costs $200 per year in interest if never paid down. The minimum payment trap means interest can exceed the original debt before it is fully repaid.
How credit card interest works
Interest accrues daily on your average daily balance. Monthly charge = (APR ÷ 365) × days in billing cycle × average balance. If you pay the full balance every month by the due date, you typically pay zero interest. Interest only kicks in when you carry a balance.
Fastest ways to pay off credit card debt
Pay more than the minimum — even $20 extra helps. Use windfalls (tax refund, bonus) for lump-sum payments. Consider a 0% balance transfer card for a fresh start. Cut expenses to free up cash for debt repayment. Once paid off, pay the full statement balance every month.
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Results are estimates for informational purposes only and do not constitute professional financial, medical, legal, or technical advice. Read full disclaimer →