Credit Card Payoff Calculator
Paying a fixed amount toward a credit card each month? See exactly how long it takes to reach a zero balance and how much interest you’ll pay along the way. Small increases to your monthly payment can cut both dramatically.
How this calculator works
Each month, interest accrues on the remaining balance at the monthly rate r (APR ÷ 12), and your payment covers that interest first, with the rest reducing the balance. Solving for the number of months n to reach zero gives:
n = −ln(1 − (r · B) ÷ PMT) ÷ ln(1 + r)
where B is the balance and PMT is your fixed monthly payment. Total interest is everything you pay beyond the original balance.
When a card never gets paid off
If your monthly payment is less than or equal to the monthly interest charge, the balance never shrinks — the debt grows or stalls forever. The calculator flags this so you can see the minimum payment needed to make real progress.
Learn more
- Debt Snowball vs Avalanche: Which Payoff Method Wins? — Two proven ways to escape debt. One saves the most money; the other keeps you motivated. Here's how to choose — and why consistency beats both.
- Your Debt-Free Roadmap: A Step-by-Step Plan — A clear, ordered plan to get out of debt for good — from a starter safety net to choosing a payoff method to staying out once you're free.
- How to Build Credit (and Understand Your Score) — What actually moves your credit score, how to build it from scratch or repair it, and why a better score quietly saves you thousands on every loan.
- What Actually Counts as an Emergency? — An emergency fund only works if you protect it. A simple test for what qualifies, what doesn't, and how to replenish the fund after you use it.
- What's a Good Interest Rate? (For Loans and Savings) — "Good" depends on whether you're borrowing or saving, and on benchmarks like the Fed rate and inflation. How to judge a rate you're offered — APR vs APY.
Frequently asked questions
- Why does paying only the minimum take so long?
- Minimum payments are often just above the monthly interest, so very little goes toward principal. That's why a balance can take a decade-plus to clear and cost more in interest than the original purchases. Raise the monthly payment here to see the effect.
- How much does paying extra really help?
- A lot. Because credit card APRs are high, every extra dollar toward principal saves compounding interest. Try increasing the payment by even $50 to see the time and interest drop.
- Does this assume I stop using the card?
- Yes. The math assumes no new charges. New spending resets progress, so pausing use of the card is part of any realistic payoff plan.