Credit Card Payoff Calculator
Minimum payments keep you in debt for years. Enter your balance, APR and what you can pay monthly — see exactly when you'll be debt-free, and how much interest a bigger payment saves you.
How it works
- Enter your balance, the APR from your statement, and your monthly payment.
- If your payment doesn't even cover one month's interest, you'll get a friendly nudge to raise it.
- Try a bigger payment — watch the months and the interest collapse.
Worked example
A $5,000 balance at 22% APR paying $200/mo takes about 34 months and costs roughly $1,750 in interest. Bump the payment to $300/mo and you're done in about 21 months with roughly $1,020 in interest — a year of your life back.
The math behind it
Each month: interest = balance × APR ÷ 12. Your payment covers that interest first; whatever's left shrinks the principal. That's why minimum payments barely move the needle — most of the money feeds interest. The calculator simulates this month by month until the balance hits zero.
Common mistakes
- Paying only the minimum — it's mostly interest, barely principal.
- Keeping spending on the card while trying to pay it off.
- Ignoring the APR — at 22%+, balances snowball terrifyingly fast.
- Closing the card right after payoff, which can hurt your credit age and utilization ratio.
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Frequently asked questions
Why won't it calculate with my payment?
Your payment must exceed one month's interest, or the balance never shrinks — it grows. Raise the payment above the monthly interest charge.
Which card should I pay first?
Mathematically: the highest APR first (the avalanche method) — it minimizes total interest. Psychologically, some prefer smallest balance first (snowball) for quick wins.
Will paying it off hurt my credit score?
Paying down helps — lower utilization usually lifts your score. Just don't close old cards immediately; length of history matters.
What about balance transfer cards?
A 0% intro APR can help if the transfer fee is less than the interest you'd save — and you pay it off before the promo ends.
Is this financial advice?
No — it's a planning tool for informational purposes only, not financial advice.