Credit Card Payoff Calculator
See how long to pay off your balance and total interest paid
This selection only changes the currency unit. Amounts are not converted using exchange rates.
USD
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USD
The calculator checks whether the payment covers at least the ongoing interest. USD
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Estimated payoff time with the extra amount
Planned payment only—
With extra amount—
Interest saved—
Time saved—
Interest with extra amount—
First-month interest—
Balance with and without the extra amount
Compare a fixed monthly payment with an extra payment
The calculator holds your entered monthly payment constant and compares it with a second scenario that includes the extra amount. This shows how even a modest increase can change payoff time and interest cost.
Why the payment must cover interest
If the payment does not exceed the first month’s interest, the balance will not decline. New card purchases, changing rates, late payments, and additional fees are outside this projection.
Frequently Asked Questions
How Does Credit Card Interest Work?
Credit card interest is calculated daily using your APR divided by 365. At typical APRs of 20–30%, a $5,000 balance accrues $83–$125 in interest per month. If you only pay the minimum (often 2% of balance or $25), it can take 20+ years to pay off and cost more in interest than the original balance.
Avalanche vs. Snowball Method
If you have multiple credit cards, the avalanche method (pay highest APR first) minimizes total interest. The snowball method (pay smallest balance first) builds momentum through quick wins. Either strategy beats paying only the minimum.
How to Pay Off Credit Card Debt Faster
Pay more than the minimum every month. Even an extra $50/month can cut years off your payoff timeline. Consider balance transfer cards with 0% intro APR to reduce interest during the payoff period.
Why can a payment be too small?
If the payment does not cover the interest added that month, the balance grows instead of falling. The calculator flags this case.
Are new card purchases included?
No. The projection assumes no new purchases and the same entered payment every month.
Are fees or changing rates included?
No. The entered annual rate stays constant throughout the projection. Card fees and penalty charges are not modeled.