Credit Card Payoff Calculator
See how long it takes to clear a credit card balance and how much interest you'll pay at a given monthly payment.
Last reviewed July 1, 2026
Credit card interest is some of the most expensive debt there is, and paying only the minimum can stretch a balance out for years. This calculator shows the truth: enter your balance, the card's APR, and how much you can pay each month, and see exactly how long it takes to clear — and how much interest that costs.
Then try a slightly higher monthly payment. Even a small increase can cut months or years off the payoff time and save a surprising amount of interest, because more of every payment goes to the balance instead of interest.
Why the minimum payment traps you
Minimum payments are typically set at a small percentage of the balance, much of which is eaten by that month's interest. That leaves very little to reduce what you actually owe, so the balance barely moves and interest keeps accruing on it.
Paying a fixed amount above the minimum — and not adding new charges — is what breaks the cycle. This calculator uses a fixed monthly payment so you can see the effect clearly.
Strategies to pay off faster
Pay more than the minimum, consistently. Even $20–50 extra a month compounds in your favour.
Consider a 0% balance-transfer offer if you qualify — it pauses interest so your whole payment reduces the balance, though watch for transfer fees and the end of the promo period.
Stop adding new purchases to the card while you pay it down, or the balance never falls.
Frequently asked questions
▶How is credit card interest calculated?
Card interest usually compounds daily based on your APR and average balance. This calculator applies the monthly equivalent of your APR to the outstanding balance each month for a clear payoff estimate.
▶What if my payment is too low?
If your monthly payment is less than the first month's interest, the balance will grow instead of shrink and the debt is never repaid. The calculator will flag this so you can increase the payment.
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Open calculator →Disclaimer: Credit Card Payoff Calculator results are estimates for general information and education only, and are not financial, tax, legal or medical advice. Verify important decisions with a qualified professional.