Credit Card Payoff Calculator
See how long it takes to clear your card and the total interest — or set a payoff deadline and get the payment you need.
A credit card payoff calculator shows how long a fixed monthly payment takes to clear a card balance and what it costs in interest — or, run the other way, the exact payment needed to be debt-free by a chosen date. The reason a tool is needed at all is the minimum-payment structure: card minimums are set as a small percentage of the balance, barely above the month's interest, so a balance paid at the minimum shrinks extremely slowly while interest compounds on what remains. Federal rules require your statement to disclose this — the box showing how long your balance lasts at minimum payments, explained in the CFPB's guide to the payoff-disclosure box — and this calculator lets you go beyond the disclosure and price any payment plan you are considering.
The tool works in two modes: set a monthly payment and get the payoff time, or set a deadline and get the required payment, with total interest reported either way.
How it's calculated
In payment mode, the payoff time solves the annuity equation for n:
n = −ln(1 − r · B / P) / ln(1 + r)
where B is the balance, P the monthly payment,
and r the monthly rate (APR ÷ 12). If P is not
greater than the first month's interest r · B, the balance
never falls and the tool says so plainly. In deadline mode, the required
payment is the standard annuity payment
P = B · r / (1 − (1 + r)−n). Interest totals come
from simulating the balance month by month, trimming the final payment to
land exactly on zero. Full formulas are on our
methodology page.
Worked example: $6,500 balance at 22.99% APR
Take the calculator's default scenario: a $6,500 balance at 22.99% — close to typical card rates in recent years. Interest in the first month alone is $6,500 × (0.2299 ÷ 12) = $124.53, which is the hurdle every payment must clear before the balance moves. Here is what different fixed payments do, computed with the same engine as the tool above:
| Monthly payment | Time to pay off | Total interest | Interest as % of balance |
|---|---|---|---|
| $130 (2% of balance) | 13 yr 11 mo | $15,203 | 234% |
| $165 | 6 yr 3 mo | $5,719 | 88% |
| $250 | 3 yr 1 mo | $2,582 | 40% |
| $400 | 1 yr 8 mo | $1,363 | 21% |
| $600 | 1 yr 1 mo | $856 | 13% |
The first row is the minimum-payment trap in numbers: $130 — about 2% of the starting balance, a typical minimum — takes nearly 14 years and pays $15,203 in interest, two and a third times the amount charged. And that row is generous, because it holds the $130 fixed; a real minimum shrinks as the balance falls, stretching payoff even longer. The escape is visible in the gaps between rows: moving from $130 to $250 saves $12,620 of interest, while moving from $400 to $600 saves only $507 more — the steepest wins come from getting off the minimum, not from heroic payments. In deadline mode, clearing this balance in 24 months takes $340.39 a month ($1,669 interest); in 12 months, $611.46 ($838). Enter your own balance and APR above for exact figures.
When should you use this calculator?
Use it to replace the statement's three-year disclosure with a plan you chose: pick a payoff date that fits your budget and get the exact payment it requires, or test what your current payment really costs in time and interest. It prices trade-offs concretely — what an extra $50 a month is worth on your balance, or how much faster a tax refund applied today clears the card. It is also the honest way to evaluate a balance-transfer offer: compute your total interest on the current card, then compare it against the transfer fee plus whatever interest you would pay if the balance outlives the promotional 0% window. If you are juggling several cards and loans, the avalanche and snowball calculators handle the multi-debt version of this problem.
The tool answers the cost question for one card at a fixed payment. Whether to prioritize this card over other debts or goals is a judgment it leaves to you.
Assumptions and limitations
- Interest compounds monthly at APR ÷ 12. Cards actually accrue interest daily on the average daily balance; the monthly model is a close approximation, usually within a few dollars.
- The payment is fixed. Real minimum payments decline with the balance, which makes true minimum-only payoff slower than the fixed-payment row shown above.
- No new purchases are modeled. New charges refill the balance and, while you carry a balance, typically accrue interest immediately with no grace period.
- The APR is constant — promotional rates that expire, penalty APRs, and variable-rate changes are not modeled. Re-run the numbers when your rate changes.
- Fees (annual, late, balance-transfer) are excluded from the interest math.
- Results are estimates for planning; your issuer's daily-balance method and billing-cycle timing shift figures slightly.
This page is educational content about how credit card payoff math works. It is not financial advice and does not consider your personal circumstances. For decisions that matter, consult a qualified professional.
Last reviewed: 2026-07-09