Calculators
Credit Card Payoff Calculator
Calculate how long it takes to pay off a credit card at a fixed monthly payment, the interest paid and the payment needed for a target date.
- Runs in your browser
- Nothing uploaded
The tool
Enter your numbers below. Results update as you type, and nothing leaves your browser.
Everything you enter stays on your own machine. Nothing is sent to us or to anyone else, which you can confirm in your browser network tab.
What people use it for
- Planning to clear credit card debt
- Seeing the true cost of minimum payments
- Choosing a monthly payment
- Evaluating a balance transfer
About this tool
What the Credit Card Payoff Calculator does
Credit card interest compounds monthly on the remaining balance, so a small payment can take years to clear the debt. This calculator shows how many months your payment takes, how much interest you will pay and the payment needed to be debt-free by a target date.
Formula
- Monthly rate = APR ÷ 12
- Months = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r)
- Payment for n months = balance × r ÷ (1 − (1 + r)^−n)
Worked example
Using the starting values in the calculator above:
| Input | Value |
|---|---|
| Card balance | $6,000 |
| APR | 22.99% |
| Monthly payment | $250 |
| Target months to pay off | 24 |
| Result | Value |
|---|---|
| Months to pay off | 32.5 months |
| Total interest | $2,113 |
| Payment for target date | $314 |
| Interest at that payment | $1,541 |
| Interest charged this month | $115 |
How to read the result
Paying only the minimum keeps you in debt for years because most of each payment goes to interest. Even a modest fixed amount above the minimum cuts the time dramatically.
A 0% balance transfer can save a lot of interest if you clear the balance before the promotional period ends; include the transfer fee in your comparison.
Related calculators
- Debt Payoff Calculator: Plan payoff of several debts with the avalanche or snowball method, see your debt-free date and compare total interest.
- Debt-to-income Ratio Calculator: Calculate front-end and back-end debt-to-income ratios from gross monthly income, housing costs and other debt payments.
- Savings Goal Calculator: Find how long it takes to reach a savings goal and the monthly amount needed to reach it by a target date, with interest.
- Emergency Fund Calculator: Calculate your emergency fund target from essential monthly expenses and months of cover, and how long it takes to build.
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Questions
Questions about this tool
The things clients actually want to know — costs, timelines, ownership and what happens after launch.
Enter your balance, APR and monthly payment; the calculator solves for the number of months.
At high APRs much of each payment goes to interest, especially when payments are close to the minimum.
Mathematically yes: the avalanche method saves the most interest. Use the debt payoff calculator to compare.
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