Credit Card Payoff Calculator
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This credit card payoff calculator shows how many months it’ll take to pay off your card, how much interest you’ll pay, and how much a larger monthly payment saves. Or find the payment you need to be done by a date.
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How to use the credit card payoff calculator
- Enter your card balance and its APR (the yearly interest rate).
- Choose “how long it takes at a monthly payment” and enter what you can pay each month, or choose “payment needed to finish by a date” and enter the number of months.
- Read the time to pay off, the total interest and the total you pay.
- Use the table to see how a slightly larger payment shortens the time and cuts the interest.
The page address updates as you type, so you can copy the link to save or share a result. The same calculator works as a credit card debt payoff calculator and a credit card payment calculator (the payment needed to finish by a date). It also answers how long to pay off a credit card at the payment you can afford.
How credit card payoff is calculated
Monthly interest
Monthly rate = APR ÷ 12
Interest this month = Balance × Monthly rate
Balance each month
New balance = Balance + Interest − Payment
This repeats each month until the balance reaches zero. The final payment is whatever is left, so it’s usually smaller.
Payments needed (the formula behind the result)
Number of payments = −ln(1 − Balance × r ÷ Payment) ÷ ln(1 + r), where r is the monthly rate
It only works if the payment is more than Balance × r. If it isn’t, the interest outruns the payment and the balance grows, so the calculator tells you to pay more.
Payment to finish in a set number of months
Payment = Balance × r ÷ (1 − (1 + r)−months)
Credit Card Payoff Calculator examples
Example 1: $5,000 at 22% APR, paying $200 a month
The monthly rate is 22% ÷ 12 = 1.833%. The first month’s interest is $91.67, so $108.33 of your first payment reduces the balance. It takes 34 months, and the interest comes to $1,749.88, so you pay $6,749.88 in total.
Example 2: $10,000 at 18% APR in 24 months
The payment that clears it in exactly 24 months is $499.24 a month. Over 24 payments you pay $11,981.78, of which $1,981.78 is interest.
Example 3: doubling the payment
On $3,000.00 at 24%, $100.00 a month takes 47 months and $1,627.31 in interest. $200.00 a month takes 19 months and $602.32 in interest, saving $1,024.99.
Example 4: a payment that barely beats the interest
Pay $92.00 a month on $5,000.00 at 22% and the first month’s interest is $91.67, so only about $0.33 goes to the balance. The card does clear, but it takes 310 months (about 25.8 years) and costs $23,462.14 in interest, several times the original balance. A payment of $90.00 would never clear it at all.
How much interest will you pay?
Interest is the cost of every month the balance stays on the card. This table shows how the monthly payment changes the time and the interest on the same balance.
| Monthly payment | Months to pay off | Total interest |
|---|---|---|
| $150.00 | 52 | $2,798.05 |
| $200.00 | 34 | $1,749.88 |
| $300.00 | 21 | $1,021.60 |
| $500.00 | 12 | $574.44 |
The first month’s interest alone is $91.67 on $5,000.00 at 22%. That is the calculator’s monthly figure; a card that charges daily works out about $3.01 a day (APR ÷ 365) or $3.06 (APR ÷ 360), which adds up to nearly the same.
How long to pay off a credit card
Time depends on both the payment and the rate. This table pays $200.00 a month on $5,000.00 and changes only the APR. The 22.15% row is the Federal Reserve’s average rate on accounts that were charged interest for the second quarter of 2026 (all accounts: 20.94%; Federal Reserve G.19, checked 2026-10-18).
| APR | Months to pay off | Total interest |
|---|---|---|
| 0% | 25 | $0.00 |
| 12% | 29 | $782.44 |
| 18% | 32 | $1,313.96 |
| 22.15% | 34 | $1,767.76 |
| 25% | 36 | $2,136.55 |
| 29.99% | 40 | $2,942.93 |
At 0% every dollar goes to the balance: $5,000.00 ÷ $200.00 = 25 months. At the average rate the same payment takes 34 months and costs $1,767.76 in interest.
If your payment is too small
A payment must be more than the interest charged each month. On $5,000.00 at 22% the first month’s interest is $91.67. At $90.00 a month the balance never falls: the interest is larger than the payment, and the calculator will tell you so. Even $92.00 takes 310 months, as in Example 4. If the payment you can afford is close to the interest, look at ways to lower the rate or raise the payment.
The minimum payment trap
The minimum payment keeps you in good standing but is built to shrink as your balance falls, so the payoff drags on. On $3,000 at 22%, a first minimum of $85.00 (1% of the balance plus $55.00 of interest) means 180 months and $4,433.12 in interest if you never pay more. Holding the payment at $85.00 every month instead finishes in 58 months and costs $1,872.86. The credit card minimum payment calculator shows both on your card.
Ways to pay off a card faster
Three levers do most of the work. Pay more: any extra goes straight to the balance, because the interest is already covered. Pay less interest: a lower rate, for instance through a balance transfer, shortens the payoff for the same payment; the balance transfer calculator weighs the transfer fee against the interest you’d save. Pick an order: with several cards, the avalanche method targets the highest rate first and the snowball method the smallest balance; the debt snowball calculator compares them. If you pay the full statement balance each month, many cards charge no interest on new purchases; that grace period generally doesn’t apply while you carry a balance.
Paying off a card and your credit score
Two things matter most to a FICO score, according to myFICO: payment history at 35% and amounts owed at 30%. Paying on time and bringing balances down both help. myFICO does not name a single safe share of your limit to use, so a calculator cannot promise a score change.
Credit Card Payoff Calculator questions
How long will it take to pay off $5,000 at 22% APR paying $200 a month?
34 months (about 2.8 years), with total interest of $1,749.88. You pay $6,749.88 in all.
How is credit card interest calculated?
The APR is a yearly rate. This calculator divides it by 12 for a monthly rate and multiplies by your balance: $5,000.00 at 22% is about $91.67 for the month. Many cards work out interest daily instead. According to the Consumer Financial Protection Bureau, the daily rate is generally the APR divided by 360 or 365, depending on the issuer, which is about $3.01 a day on $5,000.00 at 22%. The two methods give close answers, so treat this result as a close estimate.
How much interest will I pay on a $5,000 credit card balance?
It depends on the APR and how fast you pay. At 22% APR, $200.00 a month costs $1,749.88 in interest; $500.00 a month costs $574.44. The table on this page shows more payment sizes.
Why does my balance barely go down?
A large share of each payment goes to interest first. On $5,000.00 at 22% the first month’s interest is about $91.67, so a $90.00 payment wouldn’t even cover it. Only the part of the payment above the interest reduces the balance.
How much do I need to pay each month to clear a card in 2 years?
For $10,000.00 at 18% APR over 24 months you need about $499.24 a month, which means $1,981.78 in interest. Use the “payment needed to finish by a date” option for your own numbers.
How long does it take to pay off a card by paying only the minimum?
Much longer than most people expect. On $3,000 at 22%, if your minimum is 1% of the balance plus the interest (with a $25 floor), the first minimum is $85.00. Paying only the minimum takes 180 months and costs $4,433.12 in interest. Use the minimum payment calculator with your own card terms.
Is it worth paying more than the minimum?
Usually yes, because it cuts interest. On $3,000.00 at 24%, paying $100.00 a month takes 47 months and costs $1,627.31 in interest; paying $200.00 takes 19 months and costs $602.32. The table above shows the same idea for $5,000.00 at 22%.
What is the average credit card APR?
The Federal Reserve reports the average interest rate on credit card plans at 20.94% across all accounts and 22.15% on accounts that were charged interest, for the second quarter of 2026. Your own rate is on your statement. If it’s above that average, a lower-rate option such as a balance transfer may be worth checking; see the balance transfer calculator.
What is the difference between APR and interest rate?
On most credit cards the APR is the yearly rate used to work out your interest, and that’s how this calculator uses it. Your statement lists the APR for each type of balance, such as purchases or cash advances, so enter the one that applies to the balance you’re paying off.
What if I add new purchases?
This calculator assumes you stop using the card. New purchases, fees, a changing APR or promotional rates aren’t included, so treat the answer as a plan for the balance you have today.
Will paying off my card raise my credit score?
It can help, but no calculator can predict your score. myFICO says payment history is 35% of a FICO score and amounts owed is 30%, so paying on time and bringing balances down both work in your favour. myFICO doesn’t publish one ideal share of your limit to use, so be wary of a single magic percentage.
Should I use the snowball or the avalanche method?
Those apply when you have several debts. The avalanche method pays the highest interest rate first and usually costs less; the snowball method pays the smallest balance first and gives quicker wins. The debt snowball calculator compares them on your own numbers.
What this calculator doesn’t do
- It uses monthly interest. Cards that compound daily will differ slightly from your statement.
- It assumes a fixed APR and no new purchases, fees, late charges or promotional rates.
- It doesn’t know your minimum payment or issuer rules. Use the minimum payment calculator for that.
- It works out one card. For several cards, use the debt snowball calculator.
- It doesn’t predict your credit score, and the average APR shown is a national figure, not your rate.
Results are estimates for planning, not financial advice. The methodology page explains how every calculator here is built and checked.