CalcMyFin

Loans & Debt

Credit Card Payoff Calculator

Find out how long your credit card balance will take to pay off at your current payment, how much interest it will cost, and exactly what to pay each month to clear it by a date you choose.

  • Free, no sign-up
  • Private: runs in your browser
  • Updated September 2026

Inputs

$
Current statement balance or amount you want to model.
%
Use the APR shown by your card issuer.
$
$
Used to calculate the level monthly payment that would amortize the balance over this many months, assuming a fixed APR.

How to use the credit card payoff calculator

  1. Enter your current balance and the card's APR.
  2. Add the payment you make now and any extra you can afford.
  3. Pick a target number of months to see the payment needed to finish on time.

How it's calculated

Each month the balance grows by APR ÷ 12, then your payment is applied. The calculator repeats this until the balance reaches zero to find your payoff time and total interest. The payment needed for a target date uses the amortization formula P = B × r ÷ [1 − (1 + r)−n].

Example

A $5,000 balance at 22% APR paid at $150 a month takes about 4 years and 4 months to clear and costs around $2,798 in interest. To finish in 24 months you'd need about $259.39 a month.

Tips

  • Paying only the minimum can stretch a balance out for many years. Even $25–50 extra makes a big difference.
  • Pay more than the minimum on the highest-APR card first.
  • A 0% intro-APR balance transfer can save a lot if you clear it before the promo ends.
  • Set up autopay for at least the minimum so you never miss a payment.

Frequently asked questions

Why does my balance barely go down?
At a high APR, most of a small payment goes to interest. On a $5,000 balance at 24% APR, about $100 of each month's payment is interest. Paying more than the minimum is the fastest way out.
How is credit card interest calculated?
Most issuers charge interest daily using the average daily balance and your APR ÷ 365. This calculator uses a monthly approximation (APR ÷ 12), which is very close for planning.
Should I pay off my card or save?
Most people benefit from a small emergency fund first, then aggressively paying down high-APR cards. Card interest usually far exceeds what savings earn.
What is a balance transfer?
Moving a balance to a card with a low or 0% introductory APR. There's usually a 3–5% transfer fee, so it pays off when you can clear most of the balance during the promo period.
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Sources

This calculator provides educational estimates only and is not financial, tax, legal or investment advice. Results depend on the assumptions you enter; actual terms from lenders, insurers and tax authorities may differ.