Credit Card Payoff Calculator
Estimate how long it may take to pay off credit card debt based on your current balance, APR, and monthly payment. This calculator can also help you estimate total interest paid.
Enter your current credit card balance.
Enter the annual percentage rate on the credit card.
Enter how much you plan to pay toward the balance each month.
How This Calculator Works
This calculator estimates payoff time by applying monthly interest to your current balance and then subtracting your monthly payment until the balance reaches zero. It also estimates the total interest paid over the full payoff period.
Formula
New Balance Each Month = Current Balance + Monthly Interest - Monthly Payment
Example
If you have an $8,500 credit card balance with a 22.99% APR and pay $250 per month, this calculator estimates how many months it could take to pay off the balance and how much interest you may pay along the way.
Frequently Asked Questions
Why does credit card debt take so long to pay off?
Credit cards often have high interest rates, so a large part of each payment may go toward interest instead of reducing the principal balance.
What happens if my payment is too low?
If your monthly payment does not cover the monthly interest, your balance may never be paid off and could continue to grow.
Does paying more each month help a lot?
Yes. Even a modest increase in your monthly payment can reduce payoff time and lower the total interest you pay.
Should I only make the minimum payment?
Usually no. Minimum payments often lead to much longer payoff periods and significantly more interest over time.
Does this calculator include future purchases?
No. This estimate assumes you stop adding new charges and only focus on paying down the current balance.