Enter your balance, APR, and monthly payment to get your exact payoff date, total interest cost, and a month-by-month breakdown — then compare scenarios to find your fastest route to debt-free.
Exact payoff date Total interest paid Payment comparison Interest savings Principal vs interest chart 9 currencies
Credit Card Payoff
Payoff date, interest & comparison
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Debt-Free Date
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Total Paid
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Total Interest
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Interest %
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Monthly Interest
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Payment Comparison
PaymentPayoffInterestSaving
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Principal vs Interest Over Time
Estimates assume fixed APR and no new charges. Results are for planning purposes only.
Credit Card Payoff Calculator — How Long Until You're Debt-Free?
Credit card debt is expensive. With APRs averaging 20–28% in the US, even a modest balance costs hundreds in interest per year — and minimum payments are designed to keep you paying for years. This calculator shows you the real picture: exact payoff date, total interest paid, and what happens when you pay more.
Enter your current balance, APR, and the monthly payment you can afford. The calculator runs a month-by-month amortisation, accumulating interest at the daily periodic rate and subtracting your payment, until the balance reaches zero.
The Maths Behind Credit Card Interest
Credit cards compound interest daily, not monthly. The calculation each month:
New Balance = Balance + Monthly Interest − Monthly Payment
This repeats each month until New Balance ≤ 0. The final payment is adjusted to the exact remaining balance.
This is why making only the minimum payment (typically 2% of balance or $25, whichever is higher) can extend repayment to 10–20 years on a typical balance. The minimum barely covers interest, leaving almost nothing to reduce the principal.
Strategies to Pay Off Credit Cards Faster
Pay more than the minimumDoubling your minimum payment can cut payoff time by 50–70% and save thousands in interest. Even $50 extra per month makes a measurable difference.
Debt avalanche methodPay minimums on all cards, then direct all extra money to the highest-APR card first. Mathematically optimal — saves the most interest over time.
Debt snowball methodPay off the smallest balance first regardless of APR. Each cleared card provides a psychological win and frees up payment capacity for the next card.
Balance transfer (0% APR offer)Transfer your balance to a 0% APR card for 12–21 months. 100% of every payment goes to principal. Watch for transfer fees (usually 3–5% of balance).
How APR Affects Your Payoff Timeline
The same $5,000 balance and $200/month payment at different APRs:
APR
Months to pay off
Total interest
Total paid
10%
27 months
$577
$5,577
15%
29 months
$889
$5,889
20%
32 months
$1,268
$6,268
25%
36 months
$1,764
$6,764
29.99%
43 months
$2,550
$7,550
At 29.99% APR (common for store cards), you pay 51% of the balance in pure interest. Every percentage point of APR reduction or extra dollar of payment goes directly to cutting that number.
The Minimum Payment Trap
Example: $5,000 balance at 22% APR, minimum payment only
Minimum payment (2% of balance): starts at $100/month, decreasing over time.
Payoff timeline: ~27 years · Total interest: ~$7,200
Paying a fixed $200/month instead: pays off in ~32 months and costs $1,268 in interest — saving over $5,900 and 24 years.
Minimum payments are set by issuers to maximise interest revenue. They are never a debt reduction strategy. Use this calculator to find the payment amount that fits your budget and achieves a realistic payoff timeline.
Frequently Asked Questions
Enter your current balance, APR, and fixed monthly payment. The calculator runs a month-by-month simulation: each month it adds interest (APR ÷ 365 × 30 × balance) then subtracts your payment. It continues until the balance reaches zero, counting months and accumulating total interest paid.
If your payment is less than or equal to the monthly interest charge, you will never pay off the balance — it grows each month. The calculator will flag this and show you the minimum viable payment. Always ensure your monthly payment exceeds the monthly interest.
APR (Annual Percentage Rate) is the yearly interest rate. For daily compounding (used by most credit cards), the daily rate is APR ÷ 365. Over 30 days this gives a monthly rate of roughly APR ÷ 12, but daily compounding means you pay slightly more than simple APR ÷ 12 each month.
Yes. The calculator assumes no new charges during the payoff period. If you continue spending, your actual payoff will take longer. For an accurate projection, consider the card frozen during payoff — or use a dedicated payoff card with no new purchases.
A common guideline is to target payoff in 12–24 months. Divide your balance by your target months and add the estimated average monthly interest. The calculator's comparison rows show you what various payment amounts mean for your timeline and interest cost.
Yes. The result card includes a payment comparison table showing +$50 and +$100 scenarios alongside your chosen payment. Each row shows the new payoff date and interest saving so you can immediately see the impact of paying a little more.
This calculator handles one card at a time. For multiple cards, run each separately and add up the totals. To optimise across multiple cards, combine with a debt payoff strategy (avalanche or snowball) and apply extra payments to the target card.
The calculator assumes a fixed APR. For variable-rate cards, the results are an estimate based on the current rate. If your rate changes, recalculate with the new APR. For planning purposes, consider using a rate slightly higher than today's to build in a buffer.
