Credit Card Payoff Calculator
See exactly how long it takes to pay off your credit card and how much interest you'll pay.
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Credit cards often charge 20–30% APR, which means even a $5,000 balance can cost thousands in interest if you only make minimum payments. This calculator shows your exact payoff timeline, total interest cost, and how much you save by paying more than the minimum each month.
Example
$5,000 balance at 19.99% APR: Minimum payment (~$100): 43+ years, $11,000+ interest $200/month: ~32 months, $1,200 interest $300/month: ~20 months, $700 interest Doubling the payment from $150 to $300 saves ~$600 in interest and 14 months.
Payoff Formula
Monthly interest = Balance × (APR / 12) Principal paid = Payment − Monthly interest New balance = Old balance − Principal paid This repeats each month until balance = 0.
How Credit Card Interest Works
Interest compounds monthly: each month, your remaining balance is multiplied by (1 + APR/12). If your payment doesn't exceed the monthly interest charge, your balance never decreases. Minimum payments are typically 1–2% of the balance or $25 (whichever is greater). At 2% minimum on a $5,000 balance at 20% APR, you'd pay ~$5,600 in interest over 8+ years.
Frequently Asked Questions
What's the minimum payment I can make?
Card issuers typically require the greater of 1–2% of the balance or $25. This calculator shows the minimum based on 2% of your balance.
How much extra should I pay?
Any amount above the minimum payment reduces your balance faster. Even an extra $50/month can save hundreds in interest and cut years off your payoff timeline.
Does this work for store cards and lines of credit?
Yes — any revolving credit with a fixed APR works the same way. Enter your current balance, the APR from your statement, and your planned monthly payment.
What if I have multiple credit cards?
Use the debt avalanche strategy: list all cards by APR and pay off the highest-rate card first while making minimums on others. This minimizes total interest paid.