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Credit Card Payoff Calculator

Enter your card balance, its APR and the amount you can pay each month to see how many months it takes to clear, how much interest you pay along the way, and the payment that would clear it in exactly three years. It assumes you stop adding new charges.

Quick examples
$
%
$

Must be more than one month’s interest or the balance never falls.

Your numbers stay in your browser. Nothing is uploaded.
Months to pay off34
That is
2 years 10 months
Total interest
$1,749.88
Total paid
$6,749.88
Payment to clear it in 36 months
$190.95
Payoff schedule
PeriodPrincipalInterestBalance

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    Results you calculate here are kept on this device so you can come back to them.

      Formula

      Interest each month = balance × APR ÷ 12
      New balance = balance + interest − payment
      Months to pay off = −ln(1 − balance × r ÷ payment) ÷ ln(1 + r), with r = APR ÷ 12, rounded up
      The payment must exceed balance × APR ÷ 12 or the balance never falls

      How to use it

      1. Enter the balance from your latest statement.
      2. Enter the purchase APR shown on the statement.
      3. Enter a fixed monthly payment you can keep up.
      4. Try a higher payment to see how many months and how much interest it removes.

      Worked examples

      A $5,000 balance at 22% APR, paying $200 a month

      Months to pay off
      34
      That is
      2 years 10 months
      Total interest
      $1,749.88
      Total paid
      $6,749.88
      Payment to clear it in 36 months
      $190.95

      A $3,000 balance at 18% APR, paying $150 a month

      Months to pay off
      24
      That is
      2 years
      Total interest
      $593.48
      Total paid
      $3,593.48
      Payment to clear it in 36 months
      $108.46

      Why minimum payments take so long

      Issuers typically set the minimum at a small percentage of the balance plus that month’s interest, so it shrinks as the balance shrinks and barely touches principal. A $5,000 balance at 22% accrues $91.67 of interest in the first month alone; a payment near that level could take decades.

      Paying a fixed amount instead of the falling minimum is the single most effective change. This calculator uses monthly interest; cards compound daily, so real interest runs slightly higher.

      Ways to cut the interest

      A 0% balance-transfer card stops interest for the promotional period, usually for a fee of around 3–5% of the amount moved. A fixed-rate consolidation loan at a lower APR does the same job with a set end date. Either only helps if the card is not run back up.

      Questions people ask

      How long does it take to pay off $5,000 on a credit card?

      At 22% APR and $200 a month, 34 months (2 years 10 months), with $1,749.88 of interest. Paying $190.95 clears it in exactly 36 months.

      How much interest will I pay on a $3,000 balance?

      At 18% APR and $150 a month it takes 24 months and costs $593.48 in interest.

      What happens if I only pay the interest?

      The balance never goes down. On $5,000 at 22% you would pay about $91.67 every month indefinitely and still owe $5,000.

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