💳 Credit Card Payoff Calculator

See how long a card balance takes to clear at a fixed monthly payment, and what the interest costs you.

How it works

Each month the card adds interest on the balance — balance × APR ÷ 12 — and your payment comes off. Whatever is left carries into the next month and gets charged again. This calculator steps through that month by month, the same way the card company does, until the balance reaches zero.

An example

A $6,500 balance at 22% APR, paid at $200 a month, takes 50 months to clear — just over four years. The interest adds $3,473.38, so the debt ends up costing $9,973.38 altogether. And look at the early months: for most of the first year, more than half of each $200 payment is going on interest rather than on the balance itself.

Common questions

Why does paying the minimum take so long?

Minimum payments are often set at little more than the month's interest, so the balance barely moves. Fixing a set amount instead — even the first month's minimum, held steady — clears the card years sooner than paying the shrinking minimum.

What if my payment is smaller than the monthly interest?

The balance grows every month even though you are paying. The calculator flags this case. The fix is simple, if not always easy: pay more than the interest charge, or the debt never comes down.

Does paying twice a month help?

A little. Interest is worked out on your average daily balance, so a mid-month payment lowers the balance sooner. The bigger win is paying more overall, but splitting the payment is a decent habit if it keeps you consistent.

Related calculators

This calculator gives estimates for learning. Rates, taxes and rules change, and your lender or the IRS has the final numbers — check big decisions against the real documents.