Credit card payoff calculator
See what it takes to pay off a credit card. Enter the balance, the interest rate, and either a monthly payment or how many months you want. Your numbers stay on this page and are not saved or sent anywhere.
Looking at an installment loan? Use the loan calculator.
How interest works
A minimum payment mostly covers interest, so the balance drops slowly and you pay interest for a long time. Paying more than the minimum goes to the balance itself (the principal), so you finish sooner and pay less interest. This estimate uses a minimum of 1% of the balance plus that month's interest, or $25, whichever is higher. Each card uses its own formula. Interest here is the APR divided by 12. Cards usually charge interest daily, so these results are close estimates.
Your card
Number of months.
Your estimate
Enter a card balance to see the payoff.
Pay Off Your Credit Card Faster
A credit card balance can feel like it never moves. You pay every month, but much of it goes to interest. This free credit card payoff calculator shows how long your balance will take to pay off, how much interest you will pay, and how your plan compares to paying only the minimum.
How to use this calculator
- Enter your card balance.
- Enter your APR (the yearly interest rate on your statement).
- Choose how you want to pay it off. Pick Monthly payment to enter what you can afford, or Pay off by to enter how many months you want to be done in.
- Read your estimate. You will see your payoff time, total interest, total paid, and how much of your first payment goes to interest.
- Compare your plan to the "Minimum only" column to see what paying extra saves.
Example: $5,000 at 24% APR
These are example numbers, rounded, to show how the math works.
- Minimum only: The first minimum is about $150. Because the minimum shrinks as the balance drops, payoff takes about 19 and a half years, with roughly $8,890 in interest.
- $200 a month: Paid off in about 36 months, with roughly $2,000 in interest.
- $300 a month: Paid off in about 21 months, with roughly $1,140 in interest.
Going from $200 to $300 a month saves more than a year and about $860 in interest. Want to be debt free in 2 years instead? Choose Pay off by, enter 24 months, and the calculator shows a payment of about $264 a month.
Read more in our post on how long it takes to pay off a credit card.
Tips for paying off credit card debt
- Pay more than the minimum. Anything you pay above that month's interest goes to the balance itself.
- Stop adding new charges to the card you are paying down.
- Pay a fixed amount. Keep paying the same amount even as the minimum shrinks.
- Ask your card company about your rate. A lower APR means more of each payment goes to the balance.
Credit card payoff FAQ
How long does it take to pay off a $5,000 credit card?
It depends on your APR and payment. In our example at 24% APR, $200 a month takes about 36 months and $300 a month takes about 21 months. Paying only the minimum could take close to 20 years.
How is credit card interest calculated?
This calculator divides your APR by 12 and charges that rate on your balance each month. At 24% APR, that is 2% a month, so a $5,000 balance builds about $100 in interest in the first month. Most cards charge interest daily, so results are close estimates.
How is the minimum payment figured?
This estimate uses 1% of your balance plus that month's interest, or $25, whichever is higher. Each card uses its own formula, so check your statement.
Paying off a car, student, or personal loan instead? Try the loan calculator.
Savenello shows where your money goes each month so you can find room for extra payments. Connect your bank securely with Plaid.