Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card and how much interest you'll pay.
Find out how long it will take to pay off your credit card and how much interest you'll pay.
Months to Payoff
3y 1m
Total Interest
$3,083
Payoff Date
2029-05
Interest Saved vs Minimums
$52,570
Time Saved
46y 11m
Total Paid
$11,083
Your Plan
3y 1m
$3,083 in interest
Minimum Only
50 years
$55,654 in interest
The credit card payoff calculator shows you exactly how long it will take to pay off your credit card balance with a fixed monthly payment, and how much interest you'll pay along the way. It also compares your payoff plan against making only minimum payments, revealing how much time and money you save by paying more than the minimum. The calculator runs a month-by-month simulation accounting for compound interest on your remaining balance, giving you a clear picture of your debt-free date.
Formula
Monthly Interest = Balance × (APR ÷ 12)
Each month, interest is calculated on your remaining balance. Your payment first covers the interest charge, and the remainder reduces your principal. With minimum payments (typically 2% of balance or $25, whichever is greater), most of your payment goes to interest, which is why minimum payments can take decades to pay off a balance.
Credit card minimum payments are designed to keep you in debt as long as possible. On a $10,000 balance at 22% APR, minimum payments would take over 30 years and cost over $18,000 in interest.
Your APR (Annual Percentage Rate) is divided by 365 to get the daily rate. Most credit cards compound interest daily, which means interest accrues on interest every single day.
Moving high-interest debt to a card with a 0% introductory APR (typically 12-21 months). This can save thousands in interest if you pay off the balance before the promotional period ends.
The percentage of your available credit that you're using. Keeping utilization below 30% (ideally below 10%) helps maintain a good credit score, which can qualify you for lower rates on future borrowing.
Jessica has a $8,000 credit card balance at 24% APR. She can pay $300/month. Minimum payment is 2% of balance.
Result: With $300/month payments, Jessica pays off the card in 33 months, paying $1,810 in total interest. With minimum payments only, it would take 30+ years and cost over $14,000 in interest. By paying $300/month instead of minimums, she saves $12,190 in interest and 27+ years of payments.
Fact-Checked — All content is reviewed for accuracy against authoritative sources including IRS.gov, Federal Reserve data, and established financial research.