This credit card payoff calculator shows how long it will take to pay off your balance with a fixed monthly payment, or how much you need to pay each month to be debt-free by a date you choose.
How it works
Each month, interest of APR ÷ 12 is added to the balance, then your payment is subtracted. The calculator repeats this until the balance reaches zero. In “set time” mode, it uses the loan payment formula to find the payment that clears the balance in that many months.
Worked example
A $5,000 balance at 22% APR, paid at $200 a month, takes 2 years 10 months and costs about $1,750 in interest. To clear it in 24 months instead, you would pay about $259.39 a month.
Frequently asked questions
Why does paying only the minimum take so long?
Minimum payments are set low, often a small percentage of the balance, so most of each payment goes to interest. Paying a fixed amount above the minimum shortens the payoff dramatically.
Would a balance transfer help?
A 0% balance transfer can save interest if you can clear the balance during the offer period and the transfer fee is lower than the interest you would pay.