Credit Card Payoff Calculator
Find out how long it will take to pay off a credit card and how much interest you will pay.
Time to pay off
–
–Total interest
–Total paid
–Debt-free date
Why credit card debt takes so long to pay off
Credit cards charge interest every month on the balance you carry. At an APR around 23%, that's nearly 2% a month. If your payment is small, most of it goes to interest and the balance barely moves.
This calculator works month by month: it adds that month's interest (APR ÷ 12 × balance), subtracts your payment, and repeats until the balance hits zero.
Example
A $6,000 balance at 22.9% APR with $250 a month takes about 2 years 9 months to clear and costs about $2,100 in interest. Raising the payment to about $314 pays it off in 24 months.
Ways to pay it off faster
- Pay more than the minimum. Even $50 extra a month can cut years off the payoff.
- Avalanche method: put extra money on the card with the highest APR first. This saves the most interest.
- Snowball method: pay off the smallest balance first for quick wins, then roll that payment into the next card.
- Balance transfer: a 0% intro APR card can stop interest for 12 to 21 months, usually for a 3% to 5% fee.
Frequently asked questions
What happens if I only pay the minimum?
Minimum payments are often 1% to 3% of the balance plus interest. Paying only that can stretch a few thousand dollars of debt over 10 years or more and double what you pay in total.
Does this include new purchases?
No. It assumes you stop using the card. New purchases add to the balance and push the payoff date back.