Card Details
Total credit card balance you owe.
Your card's purchase APR (check your statement).
How much you plan to pay each month.
Tip
Paying only the minimum (typically 3–5% of balance) can keep you in debt for 10–15 years. Try to pay as much above the minimum as you can afford.
Payoff Time
36 months
Debt-free by May 2029
Total Interest
$1,800
Total You'll Pay
$6,800
Interest as % of Original Debt
36%
How This Credit Card Payoff Calculator Works
This credit card payoff calculator shows you exactly how long it will take to pay off your credit card balance given a fixed monthly payment and a fixed APR. Unlike mortgage or auto loans, credit cards have no set term — how long you stay in debt is entirely determined by how much you pay each month.
Each month, the calculator applies interest based on your remaining balance (at the monthly rate = APR / 12), then subtracts your payment. Any remaining balance rolls over to the next month and accrues more interest. This is how credit card debt compounds against you — and why paying more than the minimum matters so much.
Real Example: $5,000 Balance at 24% APR
Paying $200/month
- Payoff time: ~32 months (2 years, 8 months)
- Total interest: ~$1,800
- Total paid: ~$6,800
Minimum Payment: The Debt Trap
Credit card issuers typically calculate your minimum payment as 2–5% of the balance or a flat dollar amount (often $25–$35), whichever is higher. On a $5,000 balance at 24% APR, a 3% minimum payment of $150 would take nearly 5 years to pay off and cost over $3,200 in interest — almost 65% of the original balance.
Raising your payment from $150 to $250 cuts the payoff time in half and saves roughly $1,500 in interest. Even an extra $50/month makes a meaningful difference over time.
Frequently Asked Questions
How is credit card interest calculated?
Most credit cards use a daily periodic rate (APR / 365) multiplied by your average daily balance. Our calculator uses a monthly rate (APR / 12) applied to the remaining balance after payments, which gives a close approximation. Actual interest may differ slightly due to daily compounding and when your payment posts.
What happens if I only pay the minimum?
Paying only the minimum extends your debt for years and can triple or quadruple the true cost of your purchases. Minimum payments are designed to maximize interest collected by the bank. This calculator lets you model different monthly amounts to see the dramatic difference.
Should I use a balance transfer instead?
If you have good credit, a 0% APR balance transfer card can save you substantial interest during the promotional period (typically 12–21 months). Balance transfer fees of 3–5% apply. Use this calculator first to see what you'd pay in interest without the transfer, then compare with the transfer fee to make an informed decision.