Credit Card Payoff Calculator
See how long it takes to clear a card balance at a fixed monthly payment and how much interest you will pay with this credit card payoff calculator.
What it does
The Credit Card Payoff Calculator shows how long it will take to clear a card balance at a fixed monthly payment, and how much interest you will pay along the way.
Data sources & parameters
The figures below drive this calculator. We keep them aligned with the latest official guidance, and each result recalculates automatically whenever a value changes.
| Parameter | Value | Source | Last updated |
|---|---|---|---|
| Default credit card APR % | 22 | federalreserve.gov | — |
We always strive to use the latest data for every variable so our results and reports are as accurate as possible. Even so, errors are possible — you should not rely on this tool or its report alone, and we accept no liability for any decision made based on it.
The formula
Each month: balance = balance + balance × (APR ÷ 12) − payment, repeated until it clears
How it works
Each month interest is added at the card's monthly rate, your payment is subtracted, and the balance carries forward. The tool repeats this until the balance reaches zero.
Where it is used
- Seeing the real cost of paying only a small amount each month
- Setting a payment that clears the card by a target date
- Motivating a faster payoff by revealing total interest
Worked example
On a $5,000.00 balance at 20% APR, paying $200.00 a month clears the card in … months, with … of interest and … paid in total.
Enter your current card balance, the card's annual interest rate and the fixed amount you plan to pay each month. This credit card payoff calculator shows how many months it will take to clear the balance and how much interest you will pay along the way.
How the calculation works
The tool works month by month: it adds interest at the card's monthly rate, subtracts your payment and carries the new balance forward, until the balance reaches zero. Interest is charged on whatever balance remains, so the faster you reduce it, the less interest builds up the next month, and the slower you reduce it, the more the compounding works against you.
Why minimum payments cost so much
Minimum payments are set to keep an account current, not to clear it quickly. A minimum is often only slightly more than that month's interest, so very little reduces the balance, repayment can take years, and total interest can come close to the original balance. Compare a minimum-style payment with a larger fixed payment to see the difference.
Paying a little more
Each extra amount you pay reduces today's balance and lowers the interest charged in every later month. Even a modest increase can take months, sometimes years, off the timeline and save a noticeable amount of interest. If you want the card cleared by a certain date, adjust the payment until the timeline matches, and choose an amount you can actually keep paying.
Habits that help
Avoid new purchases on the card you are clearing, since fresh spending offsets your payments. Keep your payment fixed as the balance falls, even when the required minimum drops. The calculator assumes no new purchases and a steady payment.
More than one card
Run each card through the calculator separately. Paying extra on the card with the highest interest rate while paying the minimum on the others usually costs least in total interest. Clearing the smallest balance first gives a quick win that some people find motivating, after which that payment moves to the next card. Either way, keep the total you pay across all cards steady so each cleared card's payment speeds up the next.
Reading your result
The estimate assumes a fixed rate and payment. Real cards can have variable rates, and fees or a missed payment change the path, so re-run the calculation if your rate, balance or budget changes.
This article is general information only and not financial advice; figures are estimates based on the inputs you provide.
About This Credit Card Payoff Calculator
Use this credit card payoff calculator to get an instant, accurate estimate. The figures follow official guidance and every rate and threshold is kept up to date for 2026. Adjust the inputs above to match your situation, or browse all our calculators to plan your next step.
Frequently asked questions
How does a credit card payoff calculator work?
Why does paying only the minimum take so long?
Does a higher monthly payment really help that much?
What if my interest rate changes?
Should I stop using the card while paying it off?
Is my information kept private?
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