Credit Card Payoff Calculator

Finance

Last updated: July 11, 2026

Find out how long it will take to pay off your credit card balance and how much interest you'll pay. Compare different payment strategies to choose the best plan for your budget.

Current Balance ($)

Interest Rate (APR %)

Monthly Payment ($)

How to Use This Calculator

Enter your current Credit Card Balance.
Input the Interest Rate (APR) charged by your card issuer.
Set your planned Monthly Payment amount.
Click Calculate to see months to payoff, total interest, and compare strategies.

Formula

N = −log(1 − (r × B) / P) / log(1 + r)

Where N = number of months to pay off, r = monthly interest rate (APR / 12), B = current balance, and P = monthly payment. If the payment is less than or equal to the monthly interest, the balance will never decrease.

Examples

$5,000 at 18.99% APR, $200/mo: Payoff in 31 months. Total interest: $1,478. Total paid: $6,478.

Minimum vs Fixed Payment: Paying only the $100 minimum on a $5,000 balance at 18% takes 94 months and costs $4,188 in interest. Paying $200/mo pays it off in 31 months with only $1,478 interest — saving $2,710.

Balance Transfer Consideration: Transferring $8,000 at 20% APR to a 0% intro card for 18 months saves $2,400 in interest. But watch for the 3–5% transfer fee ($240–$400). Net savings: ~$2,000.

Frequently Asked Questions

How can I avoid paying credit card interest?

Pay your statement balance in full every month by the due date. Most credit cards offer a 21–25 day grace period where no interest is charged if you pay in full. Once you carry a balance, interest accrues immediately on new purchases.

Is a balance transfer worth it?

A balance transfer to a 0% intro APR card can save hundreds or thousands in interest if you can pay off the balance during the promotional period. Factor in the transfer fee (typically 3–5%) and make sure you have a plan to pay it off before the intro rate expires.

What is the fastest way to pay off credit card debt?

The fastest methods are: (1) Pay as much as possible each month above the minimum, (2) Use the avalanche method — pay minimums on all cards, then put extra toward the highest APR balance, (3) Consider a balance transfer or debt consolidation loan for lower interest, (4) Cut expenses temporarily to maximize payments.

Why is my minimum payment barely reducing my balance?

Minimum payments are typically 1–3% of the balance or $25, whichever is greater. At 2% on a $5,000 balance, that's $100/mo. With 18% APR, $75 goes to interest and only $25 to principal — meaning it would take over 9 years to pay off.