Credit Card Payoff Calculator
Calculate how long to pay off credit card debt and total interest cost. See the true cost of carrying a credit card balance and when you will be debt-free.
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Months to Pay Off
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Total Interest Paid —
Total Paid —
Minimum Payment (1% + interest) —
Interest Charged This Month —
Extended More scenarios, charts & detailed breakdown ▾
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Months to Pay Off
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Total Interest —
Interest Charged Today —
Payoff w/ Double Payment —
Professional Full parameters & maximum detail ▾
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Payoff Summary
Months to Pay Off (no new charges) —
Total Interest (no new charges) —
Monthly Charges
Minimum Payment (1% + interest) —
Monthly Interest Charge —
Effective Annual Interest Cost —
Credit Health
Credit Utilization —
Utilization Status —
With New Charges
Payoff Timeline (with new charges) —
How to Use This Calculator
- Enter your Credit Card Balance — the total amount owed.
- Enter your card's APR — find it on your statement or card agreement.
- Enter your planned Monthly Payment — higher payments save dramatically on interest.
- See your payoff timeline, total interest cost, and the current month's interest charge.
Formula
Months to Pay Off:
n = −log(1 − (r × B) / M) / log(1 + r)
Monthly Interest: Balance × (APR ÷ 12)
- B = Balance, r = Monthly rate (APR/12), M = Monthly payment
Example
Example: $5,000 balance, 22.99% APR, $150/month payment.
- Monthly Interest: $95.79
- Months to Pay Off: 48 months (4 years)
- Total Interest: $2,169
- Total Paid: $7,169
- Paying $250/month instead saves $1,200 and 18 months!
Frequently Asked Questions
- As of 2024–2025, the average credit card APR in the US is around 21–24%. Many store cards and subprime cards charge 26–36%. Always look for cards with rates below 20% if you carry a balance.
- Minimum payments (usually 1–2% of balance + interest) barely cover the interest charges. On a $5,000 balance at 22.99% APR, paying only the minimum could take 20+ years and cost over $6,000 in interest.
- A balance transfer moves your debt to a card with 0% intro APR (usually 12–21 months). This can save significantly on interest if you pay off the balance before the intro period ends. Watch for 3–5% transfer fees.
- Credit utilization (balance ÷ credit limit) accounts for about 30% of your FICO score. Keeping utilization below 30% is recommended; below 10% is ideal. Paying down balances quickly improves your score.
- If your credit card APR is above 10%, paying it off first is the better financial move — it is a guaranteed return equal to your interest rate. Only consider investing simultaneously if you have low-rate debt under 5–6%.
Related Calculators
Sources & References (5) ▾
- CFPB — Credit Cards — Consumer Financial Protection Bureau
- Federal Reserve — Consumer Credit (G.19) — Federal Reserve
- FTC — Credit Card Costs and Terms — Federal Trade Commission
- Truth in Lending Act (Regulation Z) — Credit Card Rules — Consumer Financial Protection Bureau
- FDIC — Credit Card Consumer Guide — Federal Deposit Insurance Corporation