Credit Card Payoff Calculator
Find out when you’ll be debt-free and how much interest you’ll pay. Enter what you can afford each month, or pick a date and see the payment you need, then compare it with minimum payments and a balance transfer.
Debt-free in
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Total interest
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Total paid
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Monthly interest now
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Charged in month 1
Saved vs minimums
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Interest you avoid
Compare your options
| Option | First payment | Time to pay off | Interest & fees | Total paid |
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Balance over time
Your payment plan
| Month | Payment | Interest | Paid off | Balance |
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How to use the credit card payoff calculator
Enter your card balance and APR from your statement. Then either type what you can pay each month to see your debt-free date, or switch to I want to be debt-free in… and enter a number of months to see the payment you need.
Compare your options
The comparison table shows your plan next to paying only the minimum. Set the minimum payment rule to match your statement for an exact comparison. Tick Compare a balance transfer to see what moving the balance to a 0% card would save after the fee. The payment plan lists every month, and you can download it as a CSV file.
Assumptions
No new purchases go on the card, the APR stays the same and interest is worked out monthly. Late fees and annual fees aren’t included. Results are estimates, not financial advice. If you’re struggling with debt, a nonprofit credit counselor can help for free or at low cost.
Frequently asked questions
How long will it take to pay off my credit card?
It depends on the balance, the APR and what you pay each month. A $6,000 balance at 21.5% APR takes 32 months to clear at $250 a month, with $1,914 of interest. To clear it in 36 months you need to pay $227.60 a month.
Why do minimum payments take so long?
The minimum is usually a small share of the balance plus that month’s interest, so it shrinks as the balance falls and very little goes toward the debt. With a minimum of 1% plus interest (at least $35), the same $6,000 balance takes nearly 18 years to clear and costs $9,273 in interest.
How is credit card interest calculated?
Card issuers charge interest daily at the APR ÷ 365 on your balance and add it to your statement each month. This calculator uses APR ÷ 12 each month, which gives very close results. Pay the full statement balance each month and you pay no interest on purchases.
Is a balance transfer worth it?
Often, if you can clear most of the debt during the 0% period. You usually pay a fee of 3% to 5% of the balance upfront, and any balance left afterwards is charged the card’s normal rate. Tick “Compare a balance transfer” to see the saving with your payment.
What does my statement have to show?
Under the Credit CARD Act, statements must show how long it would take to pay off the balance with minimum payments only, and what you’d need to pay each month to clear it in three years. This calculator shows the same comparison and lets you try any payment.
Should I pay off the card with the highest rate first?
With several cards, paying extra on the highest APR first (the avalanche method) saves the most interest. Paying the smallest balance first (the snowball method) gives quicker wins. Either way, keep paying at least the minimum on every card.