Money
Credit Card Payoff Calculator
Enter your balance, APR, and monthly payment. We compute how long until you're debt-free and how much you pay in interest along the way. Add an extra payment to see how much faster — and cheaper — it gets.
e.g. 5,000
Annual percentage rate, from your card's terms. · e.g. 22
What you plan to pay each month. · e.g. 200
See how much faster you pay off with more each month.
Time to debt-free
2 years 10 months
Interest paid: $1,749.88
Examples
$5,000 at 22% APR, $200/mo
= 32 months · $1,392 interest
Same balance + $50 extra
= 22 months · $898 interest (saves $494)
$2,500 at 19% APR, $100/mo
= 35 months · $935 interest
How it works
We model an amortizing balance where each month interest is added at APR ÷ 12 and your payment is subtracted. Solving for the number of months it takes to reach zero gives the payoff time.
Months · −log(1 − B × r ÷ P) ÷ log(1 + r)
B = balance · P = monthly payment · r = APR ÷ 12 ÷ 100
Disclaimer. This is an estimate, not financial advice. Real card statements compound daily and may include cash-advance APRs, variable rates, fees, and promotional periods that this calculator doesn't model. Use the numbers as a planning aid, not a substitute for your card's actual statement.
Frequently asked questions
Most U.S. cards charge interest on a daily basis using your APR ÷ 365. The card adds those daily charges to your balance every billing cycle. We approximate with a simple monthly rate (APR ÷ 12), which is close enough for payoff projections within a couple of months.
If your payment doesn't cover the monthly interest, the balance grows instead of shrinking and the card is never paid off. The calculator will tell you when that happens, with the minimum payment needed just to break even.
Even small extras compound. An extra $50/month on a $5,000 balance at 22% APR can shave years off the payoff and save more than the extra payments themselves in interest. Use the extra-payment field to see your specific case.
Most credit-card APRs are far higher than typical investment returns. Paying down a 22% APR balance is mathematically equivalent to a 22% guaranteed return — almost always the right move before investing extra cash.
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