Credit Card Payoff Calculator
Enter your credit card balance, APR, and monthly payment to see exactly how many months it will take to become debt-free — and how much interest you'll pay along the way. Toggle between a fixed monthly payment (the amount you commit to paying each month) or minimum payments only (typically 1–3% of your balance).
How This Calculator Works
This calculator uses an iterative month-by-month simulation. Each month, interest accrues on your remaining balance at a rate of APR / 12. Then your payment is applied: interest is paid first, and the remainder reduces your principal. This process repeats until the balance reaches zero (or up to 600 months / 50 years, after which we show a warning that the balance may never be paid off at the current payment level).
Why Minimum Payments Are Dangerous
Many credit card issuers set minimum payments at just 1–3% of your balance. At these rates, a large balance can take decades to pay off and cost you several times the original amount in interest. Use the calculator above to see the stark difference between making minimum payments versus a committed fixed payment.
Tips to Pay Off Credit Card Debt Faster
- Pay more than the minimum whenever possible.
- Consider a balance transfer to a 0% APR card (watch for transfer fees).
- Use the debt avalanche method: pay minimums on all cards, then put extra toward the highest-APR card first.
- Avoid adding new charges to cards you are trying to pay off.