Finance
Credit Card Payoff Calculator
See how long it will take to pay off your credit card balance. Find out how much interest you'll pay and how extra payments can save you time and money.
Enter your card details and click Calculate
Payoff Time
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How is this calculated?
Formula: Month-by-month simulation of interest and payments.
Monthly Rate = APR / 12 / 100
Each month:
Interest = Balance × Monthly Rate
Payment = min(Minimum + Extra, Balance + Interest)
Principal = Payment − Interest
Balance = Balance − Principal
Repeat until Balance ≤ 0
Count months, sum all interest chargesCalculation history
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FAQ
Frequently asked questions
How long will it take to pay off my credit card?
It depends on your balance, APR, and payment amount. Paying only the minimum (typically 2-3% of balance or $25, whichever is higher) on a $5,000 balance at 20% APR takes about 25 years and costs over $7,000 in interest. Even small extra payments dramatically reduce payoff time.
What is the minimum payment trap?
Credit card companies set minimum payments low (often 1-3% of balance) so you stay in debt longer and pay more interest. On a $10,000 balance at 22% APR, minimum payments of $200/month take 9+ years to pay off with $13,000+ in total interest. Always pay more than the minimum.
What is the avalanche vs snowball method?
Avalanche: Pay minimums on all cards, put extra money toward the highest-APR card first. Saves the most in interest. Snowball: Pay minimums on all, put extra toward the smallest balance first. Provides psychological wins. Mathematically avalanche wins, but snowball may keep you motivated.
How does APR affect my payoff?
APR (Annual Percentage Rate) is divided by 12 for monthly interest calculation. At 20% APR, you pay ~1.67% of your balance in interest each month. A $5,000 balance accrues ~$83/month in interest. If your minimum payment is $100, only $17 goes toward principal — the rest is interest.
Should I use a balance transfer to pay off cards?
Balance transfers (0% APR for 12-21 months) can save significant interest IF you pay off the balance before the promotional period ends. Watch for transfer fees (3-5%) and the regular APR after the promo. Do not make new charges on the old card. Calculate if the fee is less than interest saved.