Credit Card Payoff Calculator
How many months until your card is paid off, and what the interest costs you.
Good to know. The minimum payment is set so the card lasts. Anything above it is yours to keep.
Not financial advice. Uses only the numbers and rates you enter — no live data.
How it works
In plain words
Each month the card adds interest (the APR divided by 12) to what you owe, and your payment comes off. The months are counted until nothing is left. The payment for a set number of months is the one a loan of the same size would have.
The formula
Each month: balance = balance × (1 + APR ÷ 12) − payment Payment to clear it in n months = B × i ÷ (1 − (1 + i)^−n), with i = APR ÷ 12
Worked example
Paying 200 a month on a 5,000 balance at 22% APR clears it in 34 months (2 years 10 months), with 1,749.88 of interest. To clear it in 24 months, pay 259.39 a month.
Sources
- Brealey, Myers and Allen, Principles of Corporate Finance, chapter 2 The standard formulas for loan payments, compounding and present value, the same as a spreadsheet’s PMT and FV.
Sources checked September 29, 2026. 7 automated tests check its answers on every change.
About the credit card payoff calculator
A credit card balance is a loan with no end date: the card sets a minimum payment and you decide the rest. This calculator shows what a fixed monthly payment does, how many months it takes and how much of what you pay is interest.
Card interest is high, so the payment matters more than it looks. A small increase shortens the time a lot, because every extra amount goes straight to the balance and stops being charged interest from next month on. The payment that clears the card in the months you choose is shown too, so you can set a date and work back from it.
Minimum payments are usually a small share of the balance, often 1–3% plus interest, and they shrink as the balance falls. Paying only the minimum can stretch a few thousand into a decade or more. Paying a fixed amount instead, even the first month’s minimum, keeps the pace up.
If you have several cards or loans, pay the minimum on all of them and put anything extra on one at a time: the highest rate first saves the most. A 0% balance transfer can help if you can clear the balance before the offer ends, since the rate after it is often higher and there is usually a fee.
Questions people ask
How long does it take to pay off 5,000 on a credit card?
At 22% APR, paying 200 a month takes 34 months and costs about 1,750 in interest. At 300 a month, 21 months and about 1,020.
How much should I pay to clear my card in two years?
Enter 24 months in the last field. For 5,000 at 22%, it is about 259 a month.
Why does paying the minimum take so long?
The minimum is mostly interest and falls as the balance falls, so very little goes to the debt itself. A fixed payment keeps shrinking the balance at the same pace.
Is interest charged daily or monthly?
Most cards charge daily on the balance, which works out within cents of the APR divided by 12 each month, as used here.