Credit Card Payoff Calculator
See how long it takes to pay off a card and how much interest you pay.
How the payoff time is calculated
Each month, interest equal to the balance × (APR ÷ 12) is added, then your payment is subtracted. This repeats until the balance reaches zero, and the interest is added up along the way. It assumes a fixed APR and no new purchases.
Worked example
A $5,000 balance at 22% APR:
- Paying $200 a month: debt-free in 34 months, with about $1,750 in interest.
- Paying $300 a month: 21 months, about $1,022 in interest.
- Paying $400 a month: 15 months, about $732 in interest.
Raising the payment from $200 to $400 cuts 19 months and saves roughly $1,018 in interest.
Why paying only the minimum is costly
At 22% APR, the first month of interest on $5,000 is about $91.67. A payment at or below that never reduces the balance, so the calculator shows "Never". Minimum payments usually shrink as the balance falls, which stretches repayment for years.
Frequently asked questions
What is APR on a credit card?
APR is the yearly interest rate. The monthly rate is roughly APR divided by 12.
Does this include new purchases or fees?
No. New charges, late fees and annual fees would increase the balance and the payoff time.
Should I pay off the highest-rate card first?
Paying extra toward the card with the highest APR usually saves the most interest. Some people clear the smallest balance first for motivation. Either approach works if you keep paying.
Results are estimates for general information, not financial advice.