Credit Card Payoff Calculator
Find out exactly how long it will take to pay off your credit card balance and how much interest you will pay — with a full month-by-month payoff schedule.
How to Use the Credit Card Payoff Calculator
- 1
Enter your current credit card balance and your annual percentage rate APR. You can find your APR on your card statement or online account.
- 2
Choose Mode 1 if you know how much you can pay each month and want to see when you will be debt free. Choose Mode 2 if you have a target payoff date and need to know the required monthly payment.
- 3
Click Calculate to instantly see your payoff timeline, total interest paid, and how you compare to only making the minimum payment.
- 4
Download the free PDF report with your complete month-by-month payoff schedule to keep and follow as a debt payoff plan.
Frequently Asked Questions
How long does it take to pay off a credit card?
It depends on your balance, interest rate, and monthly payment. For example a $5,000 balance at 19.99% APR paid at $150 per month takes 50 months and costs $2,357.06 in interest. Paying just $50 more per month at $200 would cut the time to 31 months.
What happens if I only make the minimum payment?
Minimum payments are typically 2% of your balance or $25 whichever is greater. Because this barely covers the interest charge the balance decreases very slowly and you end up paying enormous amounts of interest over many years.
Disclaimer: This calculator provides estimates for informational purposes only. Calculations assume a fixed interest rate and fixed monthly payments. Actual credit card terms may vary. Minimum payment comparison uses a fixed minimum of 2% of original balance or $25 whichever is greater. Please consult a qualified financial professional before making any financial decisions.