Credit Card Payoff Calculator
Find out how long it will take to pay off a credit card balance and how much interest you will pay at a fixed monthly payment.
Why card debt is slow to clear
Credit cards charge interest monthly at one-twelfth of the APR. At 22.9% APR that is about 1.9% of the balance every month. If your payment is only slightly larger than that interest, very little goes toward the balance and payoff can take many years.
The calculator simulates your balance month by month: it adds that month's interest, subtracts your payment, and repeats until the balance reaches zero. It assumes no new purchases.
Example
A $6,000 balance at 22.9% APR with $200 monthly payments takes 45 months to clear and costs about $2,990 in interest. Raising the payment to $300 cuts payoff to 26 months and saves around $1,360.
Strategies to get out of card debt faster
- Avalanche method: pay minimums on all cards and put every extra dollar toward the card with the highest APR. This saves the most interest.
- Snowball method: pay off the smallest balance first for quick wins, then roll that payment into the next card. It costs a little more but many people find it easier to stick with.
- Balance transfer: a 0% intro APR card can pause interest for 12–21 months, but expect a 3–5% transfer fee.
- Stop new charges on the card you are paying off, or the balance will keep refilling.
Paying only the minimum is the most expensive choice. Minimums are often just interest plus 1% of the balance, which can stretch a few thousand dollars of debt over a decade or more.
Frequently asked questions
How is credit card interest calculated?
Most issuers divide the APR by 365 to get a daily rate and apply it to your average daily balance. This calculator uses a monthly rate (APR ÷ 12), which gives very close results.
What happens if I only pay the minimum?
Most of each minimum payment goes to interest, so the balance falls very slowly. Payoff can take 10 years or more and cost more in interest than the original balance.
Is a balance transfer worth it?
It can be if you clear the balance before the 0% period ends. Compare the transfer fee with the interest you would otherwise pay over the same months.
Last reviewed Oct 20, 2026. Results are estimates; check important decisions with a qualified professional.