Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card and how much interest it will cost. Or set a target date and get the monthly payment you need to reach it.
This calculator assumes you make no new charges and pay no fees, and it applies your APR monthly. Card issuers usually charge interest daily, so your statement may differ slightly. See our terms of use.
How to use this calculator
Enter your current balance and your card's APR. Both appear on your monthly statement. Then choose how you want to plan:
- Pay a fixed amount each month to see how long it will take to clear the balance and how much interest you'll pay along the way.
- Be debt-free by a target date to see the monthly payment that gets you there. For example, enter 24 months to be done in two years.
The calculator also shows what would happen if you paid only the minimum each month. Seeing that number is often the push people need to pay a little more.
Why minimum payments keep you in debt
Minimum payments are designed to be small. Many issuers set them at around 1% of the balance plus that month's interest, with a floor of about $25 to $40. Because the minimum shrinks as your balance shrinks, the debt can drag on for decades.
Example: on a $5,000 balance at 22% APR, interest alone is about $92 in the first month. If you pay only a minimum of 1% plus interest (at least $25), it would take more than 19 years to pay off the card. You'd pay about $8,100 in interest, far more than the original balance.
A fixed $200 a month changes the picture completely. The card is paid off in 34 months, with about $1,750 of interest. To be debt-free in exactly two years, you'd need to pay $259.39 a month, and total interest would fall to about $1,225.
How credit card interest works
Your card's APR is an annual rate, but issuers usually apply it daily. They divide the APR by 365 to get a daily rate and charge it on your average daily balance. Unpaid interest is added to your balance, so next month you pay interest on it too. That compounding is why card debt grows so quickly.
Most cards give you a grace period on purchases. If you pay your full statement balance by the due date, you aren't charged interest on new purchases. Once you carry a balance, you usually lose the grace period until you pay in full again. Cash advances typically have no grace period and a higher APR.
The minimum payment warning on your statement
Under the federal CARD Act of 2009, your monthly statement must include a minimum payment warning. It shows how long it would take to pay off your balance with only minimum payments, how much you'd pay in total, and the monthly payment needed to pay it off in three years. Compare those figures with this calculator to see the difference a larger payment makes.
How to pay off credit card debt faster
- Pay more than the minimum, every month. Even an extra $25 or $50 shortens your payoff time noticeably, because all of it goes to principal.
- Stop adding new charges while you pay down the balance. Use a debit card or cash for a while so your progress isn't erased.
- Consider a balance transfer card. Many offer 0% intro APR for roughly 12 to 21 months, usually with a transfer fee of about 3% to 5%. It works best if you can pay off the balance before the promotional rate ends.
- Look at a debt consolidation loan. A personal loan at a lower fixed rate turns card debt into one predictable payment with an end date. Run the numbers with our loan calculator.
- Call your issuer and ask for a lower APR. If you have a good payment history, it's worth asking.
- Have more than one card? Use our debt payoff calculator to decide which balance to target first with the snowball or avalanche method.
- Feeling overwhelmed? Nonprofit credit counseling agencies can review your situation, and in some cases they can set up a debt management plan with lower interest rates.
Frequently asked questions
Will paying off my credit card improve my credit score?
It often helps. Credit utilization, the share of your available credit you're using, is a major factor in most credit scores. A common rule of thumb is to keep it below 30%, and lower is better.
Should I close my card after paying it off?
Not necessarily. Closing a card reduces your total available credit, which can raise your utilization, and over time it can shorten your credit history. If the card has no annual fee, keeping it open and unused or lightly used is often better for your score.
Which APR should I enter?
Use the purchase APR shown on your statement. If part of your balance has a different rate, such as a promotional balance transfer, the calculator can't combine them. Enter each balance separately in the debt payoff calculator instead.
Does this include new purchases or fees?
No. It assumes the balance only goes down. If you keep using the card or pay late fees, payoff will take longer than shown.
Why does a payment sometimes "never" pay off the card?
If your payment is less than the interest charged each month, the balance can't shrink. The calculator warns you when that happens. The only fixes are a larger payment or a lower interest rate.
Last reviewed: October 2026