Credit card payoff calculator
See when a card balance is paid off and what minimum payments cost.
- Formula and assumptions shown
- Table and CSV export
- Runs in your browser
How it works
Enter one card's balance and APR, then either the monthly payment you plan to make or the number of months you want to be debt-free. The calculator shows the payoff time or the payment needed, the total interest, and a month-by-month schedule.
Each month: interest = balance × APR ÷ 12; payment = min(your payment, balance + interest); new balance = balance + interest − payment. Target payment = B × r ÷ (1 − (1 + r)^−n). Minimum = max(floor, interest + percent × balance).
It also runs the same balance with only minimum payments, using a rule you can edit: a percentage of the balance plus that month's interest, with a dollar floor. Minimum payments shrink as the balance falls, which is why paying only the minimum can take years and cost far more interest.
Assumptions
- No new purchases, fees, or promotional rates; the APR stays constant.
- Interest accrues monthly at APR ÷ 12. Issuers usually use a daily periodic rate, so statements will differ slightly.
- The minimum-payment rule is your entered percentage of the balance plus interest, with a floor. Your card agreement sets the real rule.
- Projections stop at 600 months (50 years).
Worked example
$6,000 at 22% APR, paying $250 a month
The card is paid off in 32 months with $1,979.05 of interest. Paying only the minimum (1% of the balance plus interest, at least $25) starts at $170 and takes 20 years 9 months, with $9,933.11 of interest. To be debt-free in 24 months instead, you would need $311.27 a month and pay $1,470.45 of interest.
Step by step
- Convert the APR to a monthly rate. 22% ÷ 12 = 1.8333% a month.
- Apply the first payment. Month 1 interest is $6,000 × 1.8333% = $110.00. Of the $250 payment, $140.00 reduces the balance to $5,860.00.
- Repeat until the balance is gone. 31 payments of $250 and a final payment of $229.05 clear the card in 32 months. Total paid is $7,979.05, so interest is $1,979.05.
- Run the minimum-payment comparison. The first minimum is $110.00 interest + 1% × $6,000 = $170.00. Because each minimum repays exactly 1% of the balance until the $25 floor applies in month 192, it takes 69 months just to halve the balance. The card is paid off after 249 months (20 years 9 months) with $9,933.11 of interest, $7,954.06 more than the $250 plan.
- Solve the 24-month target. $6,000 × 0.018333 ÷ (1 − 1.018333^−24) = $311.27 a month, with $1,470.45 of interest.
How to read your result
In the fixed-payment plan, the headline is the time to pay off; in the target-months plan, it is the required monthly payment. The secondary figures show total interest and total paid for your plan, the first minimum payment, the time and interest when paying only the minimum, and the interest saved compared with minimums. The summary line states both payoff times in years and months.
The chart draws two balances: your plan and minimum payments only. The table lists both side by side each month, including the minimum payment, which falls as the balance falls. If the payment entered is below the first minimum under the rule you set, a note flags it, since card issuers require at least the minimum.
The model assumes no new purchases, fees, promotional rates, or penalty APRs, and charges interest monthly at the APR ÷ 12. Issuers usually use a daily periodic rate on the average daily balance, so a statement will differ slightly. The minimum-payment rule is editable because each card agreement sets its own.
What changes the result most
- Monthly payment
- On $6,000 at 22%, $150 a month takes 73 months and $4,913.45 of interest; $200 takes 44 months and $2,790.68; $250 takes 32 and $1,979.05; $300 takes 26 and $1,542.87; $500 takes 14 and $839.14.
- APR
- At $250 a month, a 15% APR clears the balance in 29 months with $1,178.31 of interest; at 29% it takes 37 months and $3,082.81.
- Minimum-payment rule
- If the minimum were 2% of the balance plus interest instead of 1%, paying only the minimum would take 146 months and $5,145.29 of interest; at 3%, 107 months and $3,489.62. At 1% it takes 249 months and $9,933.11.
Questions
Why does paying the minimum take so long?
The minimum is recalculated from the balance each month, so it shrinks as you pay. Most of each early minimum covers interest, leaving little to reduce the balance.
Why doesn't my statement match exactly?
Most issuers charge a daily periodic rate on your average daily balance, and your payment date, new purchases, and fees also matter. This model uses APR ÷ 12 on a steady balance.
How is my card's minimum payment calculated?
It depends on your card agreement. Common rules are a percentage of the balance plus interest and fees, or a flat percentage, with a dollar floor. Change the two minimum-payment fields to match your statement.
What if I have several cards?
Use the debt payoff calculator to compare avalanche and snowball orders across multiple debts.
How can I pay off credit card debt faster?
In this model, the two levers are the payment and the rate. Paying $300 instead of $250 a month on the example card shortens payoff from 32 to 26 months. A lower rate, for example through a balance transfer or a lower-rate loan, also helps if the transfer fee or origination fee does not outweigh the interest saved. New purchases on the card lengthen payoff and are not modeled here.
Does paying only the minimum hurt my credit score?
Paying at least the minimum by the due date counts as an on-time payment. A balance that stays high relative to the credit limit, known as credit utilization, can weigh on scores, and paying only the minimum keeps the balance high for longer. The main cost of minimum payments is interest: $9,933.11 on the example balance.
Can you pay off a credit card with another credit card?
Card issuers generally do not accept a payment made directly with another credit card. A balance transfer is the usual route: a new card pays off the old balance, often with a transfer fee and a promotional rate that ends after a set period. Comparing the fee and the rate after the promotion with the current APR shows whether it lowers the total cost.
More in Loans & debt
Sources
- CFPB: how credit card interest is calculated
- CFPB: understanding minimum payments
- CFPB Regulation Z Appendix M1: credit card repayment disclosures
These references explain the concepts behind the calculation. They do not endorse this site. Estimates leave out any cost or condition you did not enter.