Free credit card payoff calculator. Calculate how long it will take to pay off a credit card balance and the total interest paid at a given monthly payment.
A credit card payoff calculator estimates how many months it will take to pay off a balance at a fixed monthly payment, and the total interest you'll pay along the way, based on your card's interest rate.
34 months
Time to pay off
Last updated:
Credit Card Payoff Calculator
Credit card interest compounds monthly, which means unpaid interest gets added to your balance and starts generating its own interest the very next month. Combined with typically high APRs, this compounding effect is why credit card debt can grow surprisingly fast if only minimum payments are made.
This calculator models that same monthly compounding in reverse β applying your actual payment against interest and principal each month β to show you exactly how many months it will take to reach a zero balance at your current payment level.
The Minimum Payment Trap
Credit card minimum payments are typically calculated as a small percentage of your balance β often 1-3% β which is designed to just barely cover that month's interest charge on higher-rate cards, leaving very little to reduce the actual principal.
This is why paying only the minimum can stretch a payoff timeline to 15-20+ years and multiply the total interest paid several times over compared to the original balance. Even a modest increase above the minimum payment can cut years off the payoff time.
Payment Impact
Because interest is calculated on a shrinking balance, every extra dollar paid above the interest charge goes directly toward principal, which itself reduces next month's interest charge β creating a compounding effect that works in your favor once you're paying down debt rather than accumulating it.
This means the relationship between payment amount and payoff time isn't linear β doubling your payment often more than halves your payoff time, since more of each payment goes toward principal earlier, accelerating the whole payoff curve.
Limitations
This calculator assumes a fixed monthly payment and no new charges added to the balance β in reality, continuing to use the card while paying it down will extend the payoff timeline and increase total interest paid beyond what's shown here.
It also doesn't account for promotional 0% APR periods, balance transfer offers, or rate changes over time, all of which can meaningfully affect an actual payoff timeline compared to this simplified constant-rate projection.
Practical Use Cases
Planning a debt payoff timeline
Seeing exactly how many months it will take to become debt-free at your current payment.
Deciding how much extra to pay
Comparing payoff timelines at different payment levels to find a realistic target.
Evaluating a balance transfer offer
Comparing your current payoff cost against a lower-rate balance transfer card.
Understanding the true cost of debt
Seeing the total interest that will be paid on top of the original balance.
Setting a debt-free goal date
Working out the monthly payment needed to be debt-free by a specific date.
If your monthly payment doesn't exceed the interest charged that month, your balance will never decrease β you'd be paying interest forever without touching the principal. The minimum shown is the interest-only payment; you need to pay more than that to make actual progress.
Credit card interest typically compounds monthly: each month, interest is charged on your current balance at 1/12th of your APR (annual percentage rate), then added to what you owe. This calculator applies that same monthly compounding to project your payoff timeline.
Credit cards are unsecured debt β there's no collateral backing the loan β which means issuers charge higher rates to offset the higher risk of default compared to secured loans like mortgages or auto loans. Rates commonly range from 15% to 30%+ APR depending on your credit profile.
Technically yes, but it can take decades and cost many times the original balance in interest, since minimum payments are usually calculated as a small percentage of the balance (often 1-3%), which barely exceeds the monthly interest on a high-rate card.
Credit card interest rates (often 20%+ APR) are almost always higher than realistic long-term investment returns, so paying off high-interest credit card debt is generally considered a better guaranteed "return" than investing extra cash while carrying a balance.