Credit Card Payoff Calculator
See how many months it will take to pay off a credit card balance, and the total interest paid.
A fixed amount you'll pay every month until the balance is gone.
Enter your values to calculate your result.
Formula
Each month: Interest = Balance × (APR ÷ 12); Balance = Balance + Interest − Payment
Every month, interest is charged on the current balance, then your payment is applied — the rest reduces the balance. This repeats until the balance reaches zero. A payment that doesn't exceed one month's interest will never pay off the balance.
Example
A $5,000 balance at 22% APR with a $200 monthly payment takes about 34 months to pay off, with roughly $1,750 paid in total interest.
Frequently Asked Questions
Why does paying only the minimum take so long?
Credit card interest compounds monthly, so a large share of a small payment goes to interest first — only the remainder reduces your actual balance. A higher payment reduces both the payoff time and the total interest dramatically.
What if my payment is too low?
If your payment doesn't exceed the interest charged each month, the balance will never go down — you'll need to increase it.