Credit Card Payoff Calculator
Enter your card's balance and APR. Then either type a monthly payment to see your payoff date, or pick a number of months to see the payment you need.
Debt-free in 3 years, 9 months · $2,823.31 total interest See results
The purchase APR on your statement.
This payment never pays it off
Time to pay off
3 years, 9 months
Total interest
$2,823.31
Total paid
$8,823.31
Compared with paying only the minimum
Paying $200.00 a month instead of only the minimum saves $7,009.51 in interest and gets you out of debt 16 years, 8 months sooner.
| Figure | Your plan | Minimum only |
|---|---|---|
| Monthly payment | $200.00 | $171.86 at first, then less |
| Time to pay off | 3 years, 9 months | 20 years, 5 months |
| Total interest | $2,823.31 | $9,832.82 |
| Total paid | $8,823.31 | $15,832.82 |
The minimum here is interest plus 1% of the balance, never less than $25. Your card agreement has the exact rule.
- Your plan
- Minimum payments only
Month-by-month schedule
| Month | Payment | Interest | Principal | Balance |
|---|---|---|---|---|
| 1 | $200.00 | $110.75 | $89.25 | $5,910.75 |
| 2 | $200.00 | $109.10 | $90.90 | $5,819.85 |
| 3 | $200.00 | $107.42 | $92.58 | $5,727.27 |
| 4 | $200.00 | $105.72 | $94.28 | $5,632.99 |
| 5 | $200.00 | $103.98 | $96.02 | $5,536.97 |
| 6 | $200.00 | $102.20 | $97.80 | $5,439.17 |
| 7 | $200.00 | $100.40 | $99.60 | $5,339.57 |
| 8 | $200.00 | $98.56 | $101.44 | $5,238.13 |
| 9 | $200.00 | $96.69 | $103.31 | $5,134.82 |
| 10 | $200.00 | $94.78 | $105.22 | $5,029.60 |
| 11 | $200.00 | $92.84 | $107.16 | $4,922.44 |
| 12 | $200.00 | $90.86 | $109.14 | $4,813.30 |
| 13 | $200.00 | $88.85 | $111.15 | $4,702.15 |
| 14 | $200.00 | $86.79 | $113.21 | $4,588.94 |
| 15 | $200.00 | $84.70 | $115.30 | $4,473.64 |
| 16 | $200.00 | $82.58 | $117.42 | $4,356.22 |
| 17 | $200.00 | $80.41 | $119.59 | $4,236.63 |
| 18 | $200.00 | $78.20 | $121.80 | $4,114.83 |
| 19 | $200.00 | $75.95 | $124.05 | $3,990.78 |
| 20 | $200.00 | $73.66 | $126.34 | $3,864.44 |
| 21 | $200.00 | $71.33 | $128.67 | $3,735.77 |
| 22 | $200.00 | $68.96 | $131.04 | $3,604.73 |
| 23 | $200.00 | $66.54 | $133.46 | $3,471.27 |
| 24 | $200.00 | $64.07 | $135.93 | $3,335.34 |
| 25 | $200.00 | $61.56 | $138.44 | $3,196.90 |
| 26 | $200.00 | $59.01 | $140.99 | $3,055.91 |
| 27 | $200.00 | $56.41 | $143.59 | $2,912.32 |
| 28 | $200.00 | $53.76 | $146.24 | $2,766.08 |
| 29 | $200.00 | $51.06 | $148.94 | $2,617.14 |
| 30 | $200.00 | $48.31 | $151.69 | $2,465.45 |
| 31 | $200.00 | $45.51 | $154.49 | $2,310.96 |
| 32 | $200.00 | $42.66 | $157.34 | $2,153.62 |
| 33 | $200.00 | $39.75 | $160.25 | $1,993.37 |
| 34 | $200.00 | $36.79 | $163.21 | $1,830.16 |
| 35 | $200.00 | $33.78 | $166.22 | $1,663.94 |
| 36 | $200.00 | $30.71 | $169.29 | $1,494.65 |
| 37 | $200.00 | $27.59 | $172.41 | $1,322.24 |
| 38 | $200.00 | $24.41 | $175.59 | $1,146.65 |
| 39 | $200.00 | $21.17 | $178.83 | $967.82 |
| 40 | $200.00 | $17.86 | $182.14 | $785.68 |
| 41 | $200.00 | $14.50 | $185.50 | $600.18 |
| 42 | $200.00 | $11.08 | $188.92 | $411.26 |
| 43 | $200.00 | $7.59 | $192.41 | $218.85 |
| 44 | $200.00 | $4.04 | $195.96 | $22.89 |
| 45 | $23.31 | $0.42 | $22.89 | $0.00 |
| Total | $8,823.31 | $2,823.31 | $6,000.00 | $0.00 |
More than one debt? Plan all your debts together in the debt payoff planner, with this card already filled in.
How we calculate thisYour numbers never leave your device.
This credit card payoff calculator shows how long it takes to clear a card balance at a fixed monthly payment, and how much interest you pay on the way. Enter your balance, APR and payment to get a payoff date. Or enter the number of months you want, and it gives you the monthly payment that gets you there.
How to use this calculator
- Enter your balance. Use the current balance from your statement or app.
- Enter your APR. Use the purchase APR from your statement. If part of your balance is on a promo rate, the balance transfer calculator handles that case better.
- Choose what you know. Type a monthly payment to find your payoff time, or type a target number of months to find the payment.
- Read the minimum payment comparison to see what the same balance costs if you pay only the minimum.
The calculator assumes you stop using the card. New purchases add to the balance and push the date back.
What the results mean
- Time to pay off and payoff date
- How many months your payment takes to reach $0, and the month of the last payment. The last payment is usually smaller, because it covers only what is left.
- Total interest
- Every dollar of interest charged along the way.
- Payment needed
- If you entered a number of months, this is the fixed monthly payment that clears the balance in that time.
- Minimum payment comparison
- The same balance paid with a minimum of interest plus 1% of the balance, never less than $25. Because that minimum shrinks as the balance shrinks, it takes longer than keeping the first payment fixed.
- Balance chart and schedule
- Your balance falling month by month, and a table showing each payment split into interest and principal.
Worked example
Say you owe $6,000 at 24% APR and pay $200 a month. You are done in 3 years, 11 months and pay $3,254.66 in interest.
Want it gone in two years instead? A 24-month payoff needs $317.23 a month, and the interest drops to $1,613.42.
Now the slow road. Paying only the minimum (interest plus 1%, $25 floor) starts at $181.20 and takes 20 years, 9 months, with $10,684.07 in interest.
Have more than one card?
This calculator handles one balance. If you carry several cards or a mix of cards and loans, a button sends this card to the debt payoff calculator, where you can add the rest and compare the snowball and avalanche orders.
How we calculate this
Each month the calculator adds interest at your APR divided by 12, rounded to the cent, then subtracts your payment. The final payment is exactly what’s left, including that month’s interest. Card issuers usually charge a daily periodic rate on your average daily balance, so your statement can differ by a few dollars a month. Full details are on the methodology page.
Related
- How to pay off credit card debt: ways to find the extra payment.
- Credit card payment calculator: payments for 12 to 60 months in one table.
- How long to pay off a credit card: payoff times by balance and payment.
FAQ
How long will it take to pay off my credit card?
It depends on your balance, your APR and what you pay each month. At a fixed payment, a $6,000 balance at 24% APR with $200 a month takes 3 years, 11 months. Enter your own numbers above to see your date. Every dollar you add to the payment shortens the time and lowers the total interest.
How much should I pay on my credit card each month?
Pay enough to clear the balance by a date you choose. Enter a target number of months above and the calculator gives the fixed payment that gets you there. If that number is too high, lengthen the target. Anything above the minimum helps, and a fixed amount clears the balance sooner than a minimum that shrinks with the balance.
Why does paying the minimum take so long?
When your minimum is a percentage of the balance, or interest plus a percentage, it falls as the balance falls. Each month you repay only a sliver of principal. A fixed payment stays the same while the interest shrinks, so more of every dollar goes to the balance. Your card agreement sets the exact formula.
Does the calculator include new purchases?
No. It assumes the balance only goes down. If you keep charging to the card, every purchase adds to the balance and your payoff date moves back. The simplest fix while you pay a card down is to stop using it and put spending on a debit card or cash.
Is it better to pay off a credit card in full or carry a balance?
Paying in full each month avoids interest. According to the CFPB, if your card has a grace period, you pay no interest on purchases when you pay the full balance by the due date. On most cards, carrying a balance from month to month means new purchases start charging interest from the day you make them.