Credit Card Payoff Calculator
Calculate your credit card payoff timeline
Your payment plan
Minimum payments only
Balance over time
Results are estimates and may not reflect your actual financial situation. This is not financial, tax, or legal advice. Consult a qualified professional.
How to use
Enter your credit card balance, APR (annual percentage rate), and how much you plan to pay each month. The calculator compares your fixed payment plan against making only minimum payments. You will see the payoff timeline, total interest paid for each scenario, and how much money and time you save with higher payments. The chart visualizes both payoff curves side by side.
Formula
Examples
Breaking the minimum payment trap
$5,000 balance at 22% APR. Minimum payments start at $92 and shrink as the balance drops. This takes over 20 years and costs $7,000+ in interest. Paying $200/month instead clears the debt in about 31 months with roughly $1,600 in interest, saving over $5,400.
High-APR store card
$2,000 on a 28% APR store card. Minimum payments stretch repayment to 15+ years. Paying $100/month pays it off in 25 months with about $430 in interest. The higher the APR, the bigger the payoff from paying more than the minimum.
Consolidation comparison
$10,000 balance at 24% APR, paying $300/month. Payoff: about 50 months, $4,700 in interest. Use this as a baseline to compare against a balance transfer or personal loan at a lower rate to see if consolidation makes financial sense.
Frequently asked questions
Why do minimum payments take so long?
Minimum payments are typically calculated as interest plus 1% of the balance (or a floor like $25). In the early months, most of your payment goes to interest, not principal. As the balance slowly shrinks, so does the minimum payment, creating a compounding trap where the last few hundred dollars can take years to pay off.
Where do I find my APR?
Your APR is on your credit card statement, usually near the interest charges section. It may also be in your online account under card details or terms. Note that many cards have different APRs for purchases, cash advances, and balance transfers. Use the purchase APR for this calculator.
Should I pay off the highest APR card first?
The avalanche method (highest APR first) minimizes total interest paid. The snowball method (smallest balance first) provides psychological wins that help some people stay motivated. Mathematically, avalanche is optimal. Behaviorally, snowball has strong evidence of higher completion rates.
Does this account for new purchases?
No. This calculator assumes you stop using the card and only make payments. If you continue making purchases, the balance will grow and the payoff timeline will extend. For the most accurate results, stop or reduce spending on the card while paying it off.
What is a balance transfer and should I consider one?
A balance transfer moves your debt to a new card with a lower or 0% introductory APR (typically 12-21 months). This can save significant interest if you can pay off the balance during the promotional period. Watch for transfer fees (usually 3-5% of the balance) and the regular APR that kicks in after the promo period ends.
About this tool
See how long it takes to pay off your credit card. Compare your payment plan against minimum payments to see how much time and interest you save.
All calculations are performed locally in your browser. Your data never leaves your device.