Free credit card payoff calculator
See how long it takes to pay off a credit card balance and total interest paid — enter balance, APR, and monthly payment, updated live, as you type.
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Estimate only. Actual interest depends on daily periodic rate and billing cycle. Minimum payment formula varies by issuer.
Results are estimates. Consult a professional.
How the credit card payoff calculator works
Every month your card issuer applies a daily periodic rate to your balance, which is your APR divided by 365 (or 360, depending on the card agreement) and then multiplied by the days in the billing cycle. For monthly planning purposes this simplifies to one-twelfth of the APR applied to the statement balance. The calculator uses that monthly rate to project how long a fixed payment takes to reach zero.
Worked example: $5,000 at 20% APR
Alex carries a $5,000 credit card balance at 20% APR. The minimum payment would be roughly $108 in month one, but Alex commits to a flat $200 per month instead. Here is how the payoff math works.
Months to payoff and total interest by balance and APR
The table shows estimated months to pay off each balance at two payment levels. 'Min' approximates a typical minimum payment; 'Fixed' is a set monthly amount. Actual minimums vary by issuer.
| Balance | APR | Min pmt (~) | Months (min) | Fixed pmt | Months (fixed) | Interest (fixed) |
|---|---|---|---|---|---|---|
| $2,000 | 18% | $100 | 25 mo | $300 | 7 mo | $105 |
| $2,000 | 22% | $100 | 27 mo | $300 | 7 mo | $127 |
| $2,000 | 26% | $100 | 30 mo | $300 | 7 mo | $151 |
| $5,000 | 18% | $150 | 47 mo | $500 | 11 mo | $305 |
| $5,000 | 22% | $150 | 52 mo | $500 | 11 mo | $372 |
| $5,000 | 26% | $150 | 60 mo | $750 | 7 mo | $299 |
| $10,000 | 18% | $250 | 55 mo | $750 | 15 mo | $1,105 |
| $10,000 | 22% | $250 | 63 mo | $750 | 15 mo | $1,363 |
| $20,000 | 22% | $400 | 74 mo | $750 | 32 mo | $3,819 |
Source: CFPB credit card repayment tools. Estimates assume fixed APR, no new charges, and payments applied to interest first.
Tips for paying off credit card debt faster
The mathematics of revolving credit strongly favour the cardholder who pays more than the minimum. Even small increases in the monthly payment produce outsized reductions in total interest and time to payoff.
- Pay more than the minimum every month — The minimum payment is designed to keep you in debt as long as possible. Adding even $50 extra per month can cut years off a large balance.
- Stop using the card while paying it off — New charges reset the amortisation clock. Freeze the card or remove it from saved payment methods until the balance is zero.
- Request a lower APR — Issuers often grant rate reductions to customers with good payment history. A 3–4% rate cut saves hundreds of dollars on a $5,000 balance.
- Consider a 0% balance transfer — Transferring to a card with a 0% promotional period means every dollar of your payment reduces principal, not interest. Factor in the transfer fee (typically 3–5%).
- Target the highest-rate card first (avalanche) — If you carry multiple balances, putting extra payments toward the highest-APR card minimises total interest paid across all cards.
Accuracy and limitations
The calculator assumes a fixed APR, a constant monthly payment, no new purchases or cash advances, and that interest compounds monthly. Real card agreements may use daily compounding, apply the daily periodic rate to an average daily balance, and vary minimum payment formulas. Results are best used for planning and comparison rather than as precise payoff schedules.
Not financial advice — consult a financial professional for your specific situation.
Credit card interest terms defined
About this credit card calculator
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