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Credit Card Payoff Calculator

Calculate how long it takes to pay off credit card debt and see how doubling your payment saves time and money.

Credit card details

Updates as you type
What do you want to know? ?
Balance & rate
Current balance $5,000
$
$100$5k$20k$50k
Annual rate (APR) ? APR
%
0%15%25%35%
Your payment
Minimum payment ?
/ mo
Pay it off faster (optional)
Extra payment ? No extra payments
$ / mo
$0+$100+$500+$1,000

Payoff schedule

Year Payment Principal Interest Balance

Formula

Months = −log(1 − B × r / PMT) ÷ log(1 + r)
Required PMT = B × r(1 + r)n (1 + r)n − 1
B
Current balance
r
Monthly interest rate (APR ÷ 12 ÷ 100)
PMT
Monthly payment amount
n
Desired number of months
Worked steps — your numbers

    Credit card interest compounds daily in reality, but the month-end compounding model used here is accurate to within a few dollars over typical payoff horizons and is the standard for payoff projections.

    Balance over time

    —
    Minimum

    Examples

    How It Works

    Credit card interest is typically compounded daily but charged monthly at a rate of APR/12. When you make only the minimum payment, most of it goes toward interest — especially in the early months — which is why credit card debt can take decades to pay off.

    This calculator simulates your payoff month by month: each month, interest accrues on the remaining balance, your payment is applied (interest first, then principal), and the balance decreases. The process repeats until the balance reaches zero.

    The doubled payment comparison is the most powerful insight. Doubling your payment doesn't just halve the payoff time — it's far more dramatic because you're reducing the principal faster, which means less interest accrues each month. On a $5,000 balance at 19.99% APR, going from $200/month to $400/month cuts payoff time from 31 months to 14 months and saves over $800 in interest.

    If you have a specific deadline (like paying off before a 0% promo rate expires), enter the desired months to calculate the exact monthly payment required.

    Tips & Best Practices

    Always pay more than the minimum — even an extra $50/month makes a huge difference on high-APR credit cards.
    Consider a balance transfer to a 0% APR card if you can pay it off within the promo period (typically 12–21 months).
    The avalanche method says to pay off the highest-APR card first. Credit cards almost always have the highest rates, so prioritize them.
    Set up autopay for more than the minimum to avoid late fees and ensure you're making progress on principal.
    If your minimum payment is a percentage of balance (e.g. 2%), switch to a fixed dollar amount to pay off faster as the balance drops.

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    Frequently Asked Questions

    Why does it take so long to pay off a credit card with minimum payments?

    Minimum payments are designed to be low (often 1–3% of balance). At these levels, most of each payment goes to interest, not principal. A $5,000 balance at 20% APR with 2% minimum ($100) takes over 9 years and costs $3,500+ in interest.

    Doubling your payment does more than halve the time because of compound interest. The extra money goes directly to principal, which reduces the balance that interest is calculated on. Each subsequent month, less interest accrues, so more of your payment goes to principal — creating an accelerating payoff effect.

    For credit cards, APR (Annual Percentage Rate) and interest rate are essentially the same thing. APR includes any fees annualized into the rate. Most credit card APRs range from 15% to 30%.

    Generally yes, if your credit card APR exceeds your savings interest rate (it almost certainly does). Paying off a card at 20% APR is equivalent to earning a guaranteed 20% return. Keep a small emergency fund, but prioritize high-APR debt payoff.