Credit Card Payoff Calculator
Find out exactly how long it will take to pay off your credit card and how much interest you'll pay in total. See how paying more each month dramatically cuts your payoff time.
Part of our Finance Calculators collection.
Credit Card Payoff Calculator
Free online calculator
$
%
Annual Percentage Rate — find on your statement
$
How to Use This Calculator
- 1
Enter your current balance.
- 2
Enter your card's APR (Annual Percentage Rate).
- 3
Enter how much you plan to pay each month.
- 4
See your payoff date and total interest.
- 5
Compare with minimum-payment scenario to see how much you save by paying more.
How Payoff Time is Calculated
Each month: Interest = Balance × (APR / 12) Balance = Balance + Interest − Payment Months to payoff = when Balance reaches 0 Minimum payment = max(balance × 0.02, $25)
Example Calculation
Example: $5,000 at 22.99% APR, paying $150/month
Inputs
balance: 5000apr: 22.99monthlyPayment: 150showMinimum: yes
Result
45 months to payoff | $1,713 total interest
Paying $150/month on a $5,000 balance at 22.99% APR takes 45 months and costs $1,713 in interest.
Frequently Asked Questions
How does minimum payment trap you?
Paying only the minimum (typically 2% of balance) means most of your payment goes to interest. On a $5,000 balance at 22.99% APR, minimum payments alone take over 25 years and cost more than $8,000 in interest.
How much faster does paying an extra $50/month help?
On our example, adding $50/month ($200 total) cuts payoff from 45 months to 32 months and saves over $500 in interest.