Credit Card Payoff Calculator
See how long it takes to pay off credit card debt and the total interest cost.
This is a fixed-payment estimate: it uses the same payment and APR each month, interest at APR divided by 12, and no new charges or fees. Your card may accrue interest daily, so its statement can differ.
Time to Pay Off
2 yrs 10 mo
| Extra/mo | New Payment | Payoff Time | Interest Saved |
|---|---|---|---|
| +$25.00 | $225.00 | 2 yrs 5 mo | $269.19 |
| +$50.00 | $250.00 | 2 yrs 2 mo | $464.16 |
| +$100.00 | $300.00 | 1 yr 9 mo | $728.28 |
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Fixed Payments vs. Card Minimums
Enter an amount you plan to pay every month. This tool does not calculate your card's changing minimum payment, so the result is not a minimum-payment payoff schedule. Your statement shows the issuer's minimum-payment estimate and a three-year repayment amount based on your current balance.
Compare this estimate with your statement and card agreement. The Consumer Financial Protection Bureau explains these repayment disclosures.
Debt Payoff Strategies
The Avalanche Method: Pay off the card with the highest interest rate first, while making minimums on others. Mathematically optimal — you'll pay less total interest.
The Snowball Method: Pay off the smallest balance first, regardless of interest rate. Psychologically motivating — quick wins help you stay on track.
Either approach requires keeping up with every card's required payment. Once you've paid off cards, use our debt-to-income calculator to see how your overall financial picture improves.
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How this is calculated
The calculator steps through your payments month by month: interest is added to the balance, then your fixed payment is taken off.
Formulas
The monthly rate is the APR divided by 12.
r = APR ÷ 100 ÷ 12
Each month: interest is the balance times r, and the payment first covers that interest. The rest reduces the balance.
interest = balance × r; balance ← balance − (payment − interest)
It repeats until the balance reaches zero. Total interest is the sum of each month's interest. If the payment does not exceed the first month's interest, the balance never falls and the calculator says so.
Sources
- Consumer Financial Protection Bureau, How is credit card interest calculated?. Explains that card issuers commonly calculate interest daily from the average daily balance, using a daily periodic rate.
How we test this
This tool is checked against independent formulas every time the site is released, and a release does not ship if a check fails. Example from the test suite: $5,000 at 20% APR, paying $200 a month gives 33 months and $1,522 in interest. The test runs its own month-by-month payoff and checks the months and the interest agree for payments of $150, $200 and $400.
The test is “credit-card-payoff: $5,000 at 20% APR with $150, $200 and $400 payments” in tests/golden-calculators.test.mjs. More on how all tools are tested: our testing approach.
Assumptions and limits
- Interest is figured monthly at APR ÷ 12. Issuers usually compute it daily, so a real statement can differ slightly.
- A fixed payment, no new purchases, fees or changes to the APR.
- Payoff is capped at 600 months; beyond that the calculator shows the payment needed instead.
- An estimate for planning, not financial advice.
Last reviewed , the date of the latest change to this tool's calculation or content.
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When to use this
You have credit card debt and want an estimate for a payment you can repeat each month. How many months might it take to pay off? What could the total interest be under the same APR? What changes if you add $50 or $100 to that fixed payment?
This is especially useful when you're deciding between the avalanche method (highest APR first, mathematically optimal) and the snowball method (smallest balance first, psychologically motivating). Plug in your numbers for each scenario and compare. Both work — the best strategy is the one you'll actually stick with.
It's also a reality check. If the payment you entered does not cover the modeled monthly interest, the balance will not fall. This calculator does not reproduce your issuer's changing minimum payment or statement payoff disclosure.
Good to know
These are estimates, not statement amounts. The model uses one fixed monthly payment, one constant APR, interest at APR/12, and no new charges or fees. Many issuers instead calculate interest daily from an average daily balance, and cards may have different APRs for different balances. Check your card agreement and statement. The CFPB explains how card interest can differ.
Compare payments under the same assumptions. A larger fixed payment generally reduces the time a balance accrues interest. The calculator's what-if table compares adding $25, $50, or $100 each month; it does not model future purchases or a changing issuer minimum.
Your statement is the source for your actual minimum. Card issuers disclose a minimum-payment payoff estimate and a payment that would repay the current balance in 36 months, assuming no further charges. See the CFPB's explanation.
Fixed-Payment Example
For a $5,000 balance at a constant 20% APR, these are estimates with interest added once per month at APR/12, no fees or new charges, and the same payment every month. The final payment may be smaller.
| Monthly payment | Estimated payoff | Estimated interest |
|---|---|---|
| $150 | 50 months | About $2,359 |
| $200 | 33 months | About $1,522 |
| $400 | 15 months | About $654 |