Credit Card Payoff Calculator

Enter your balance, APR and monthly payment to see your debt-free date and the true cost of carrying a balance.

Quick answer

A credit card payoff calculator shows how many months a fixed payment takes to clear your balance and how much interest you will pay. A $5,000 balance at 18% APR with $200 monthly payments takes 32 months and costs about $1,314 in interest. Payments must exceed the monthly interest.

$
%
$
Time to pay off
2 yrs 11 mo
Total interest
$1,860
Total paid
$6,860
First-month interest
$95.42
Paying $200 a month on a $5,000 balance at 22.9% APR clears the card in 2 yrs 11 mo. You will pay $1,860 in interest along the way. Every extra dollar you add shortens the payoff and saves interest.

Key takeaways

  • High APRs make small payments mostly interest.
  • Paying a little more each month saves months and money.
  • If the payment is below monthly interest, the debt never clears.
APR (credit card) — The yearly interest rate on a card balance; the monthly rate is APR ÷ 12.

How the credit card payoff calculator works

Each month interest of balance × APR/12 is added, then your payment is subtracted. We simulate month by month for exact interest; the closed-form formula above gives the same number of months.

Formula

Months = −ln(1 − B × i ÷ P) ÷ ln(1 + i) B = balance, i = APR ÷ 12, P = monthly payment (must exceed B × i)

Standard formula. Further reading: CFPB – Credit cards

Worked example

$5,000 at 18% APR paying $200 a month: i = 0.015. Months = −ln(1 − 75/200) ÷ ln(1.015) ≈ 31.6, so 32 months, with about $1,314 of interest.

Change any number above and the plain-English explanation updates instantly with your own figures.

Frequently asked questions

Why does my balance barely go down?

At high APRs most of a small payment goes to interest. Paying even $50 more a month can cut years off.

What if my payment is less than the interest?

The balance will never be paid off — it will grow. You must pay more than the monthly interest.

Does a balance transfer help?

A 0% balance transfer can save a lot if you clear the balance before the promo ends; factor in the 3–5% transfer fee.

Should I pay the minimum?

Minimum payments are designed to keep you in debt longer. Pay as much above the minimum as you can.

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Results are estimates for educational purposes and are not financial advice.

Written and reviewed by Muhammad Asif, founder of CalcPane · Formulas verified by automated tests · Updated