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Credit Cards

Credit Card Payoff Calculator

See how long it takes to clear a credit card balance and how much interest you'll pay at a fixed monthly payment.

Your details

Time to pay off
2 yrs 9 mos
Total interest
$1,522.10
Total paid
$6,522.10

Principal vs interest

$6.5KTotal
Principal
$5,000.0077%
Interest
$1,522.1023%
Time to pay off2 yrs 9 mos

Formula

Each month, interest = balance × APR/12 is added, then your payment reduces the balance. If the payment is below the monthly interest, the balance never falls.

How it works

The calculator adds one month's interest to your balance, subtracts your payment, and repeats until the balance reaches zero — counting the months and the interest along the way. The larger your fixed payment relative to the balance, the faster it clears.

Frequently asked questions

Why does paying only the minimum take so long?⌄

Minimum payments are a small percentage of the balance, so most of each one goes to interest. A balance paid at only the minimum can take years or decades and cost more than the original purchases.

How much does a higher payment help?⌄

Because extra dollars go straight to principal, even a modest fixed increase over the minimum can cut the payoff time and total interest dramatically.

What if my payment is less than the monthly interest?⌄

Then the balance grows instead of shrinking — the payment does not even cover the interest charged. The payment must exceed the monthly interest for the balance to fall.

Sources & methodology

Last updated: 2026-07-19

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Learn more

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