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Credit Card Payoff Calculator

See how long your credit card balance takes to clear and how much interest it costs, at a fixed payment or at the card’s minimum, or find the payment that makes you debt-free by a date.

Time to pay it off

2 years 11 months

Paid off in 2 years 11 months, with $1,871.10 of interest.

Total interest
$1,871.10
Total paid
$6,871.10
Payments
35

Show me how

All steps as text

    Tip: press ← and → to move between steps, or click any step.

    Year by year

    What you pay each year, how much of it is interest, and what you still owe at the end of the year.

    Year Paid Interest Balance left

    How credit card interest works

    The APR is a yearly rate, but interest is added every month: about APR ÷ 12. At 18% APR that is 1.5% a month, so a $3,000 balance costs about $45 in interest in the first month. Whatever is left of your payment after the interest comes off the balance.

    Most cards actually charge interest daily, at the APR ÷ 365 on each day’s balance, and add it up at the end of the month. That changes the totals by a little, not the picture.

    Why paying the minimum takes so long

    The minimum payment is usually a small share of the balance, often 1% plus that month’s interest, with a lowest amount of about $25 to $40. As the balance falls, so does the minimum, so less comes off each month. On a $3,000 balance at 18% APR, paying only that kind of minimum takes about 14 years and costs about $3,540 in interest, more than the original debt.

    Paying a fixed amount instead makes a big difference: $150 a month clears the same $3,000 in 2 years, with about $590 of interest.

    The payment to be debt-free by a date

    Choose how many months you want it to take, and the payment comes from the same formula as a loan: P × i × (1 + i)n ÷ ((1 + i)n − 1). To clear $3,000 at 18% APR in 12 months takes $275.04 a month; in 36 months, $108.46.

    Ways to pay it off faster

    • Pay more than the minimum, even a little: every extra amount goes straight to the balance.
    • Stop adding to it. New purchases on the card start costing interest too, often from the day you buy.
    • Several cards: pay the minimum on all of them and put every extra amount on one. The avalanche method picks the highest APR first and costs the least interest; the snowball method picks the smallest balance first, for quick wins.
    • Balance transfer or a cheaper loan: moving the debt to a lower rate helps if the fees are small and you don’t run the old card up again.

    This calculator is for understanding your numbers, not financial advice. Your card agreement and statements have the exact terms. See the disclaimer.

    Questions

    How long will it take to pay off my credit card?

    Enter your balance, the APR and what you pay each month. The calculator works through it month by month, charging interest on what is left, until the balance reaches 0.

    Why does the calculator say the balance never goes down?

    If your payment isn’t more than the month’s interest, nothing comes off the balance. At 22.99% APR, a $5,000 balance builds up about $96 of interest a month, so a $90 payment never clears it.

    Does it include fees and new purchases?

    No: it assumes the APR stays the same and nothing new goes on the card. Late fees, annual fees and new spending would all make the payoff longer.

    What is the difference between APR and monthly interest?

    The APR is the yearly rate. Cards charge about a twelfth of it each month (or a 365th each day), so 24% APR is about 2% a month.