Credit Card Payoff Calculator
Months to pay off a card or payment needed.
■ Balance ■ Interest
Assumes no new purchases or fees, and interest charged monthly at APR ÷ 12. Card issuers that compound daily will charge slightly more.
About this tool
Credit Card Payoff Calculator shows how long a card balance takes to clear and how much interest you pay along the way. Or choose a target number of months to see the monthly payment you need.
How to use Credit Card Payoff Calculator
- Enter the balance and APR.
- Choose a fixed payment or a target number of months.
- Read the payoff time or payment and total interest.
Questions people ask
How is the payoff time calculated?
Each month, interest = balance × APR ÷ 12 is added and the payment is subtracted, until the balance reaches 0. In closed form, months = −ln(1 − B × i ÷ P) ÷ ln(1 + i), where B is the balance, i the monthly rate and P the payment. 5,000 at 22% APR with 200 a month takes 34 months.
What payment do I need to clear it in a set time?
P = B × i × (1 + i)^n ÷ ((1 + i)^n − 1), the same formula as a loan. Clearing 5,000 at 22% in 24 months needs about 259.39 a month.
Why does paying only the minimum take so long?
Minimum payments are often just 1% to 3% of the balance plus interest, so most of each payment covers interest. If your payment is not above the monthly interest, the balance never falls. The calculator warns you when that happens.