Credit Card Payoff Calculator
Fixed payments turn a revolving balance into a countdown. Enter your balance, APR, and the amount you can pay each month to see the payoff date — and what the interest really costs.
Your results
Charts & visualization
Balance declining to zero
Early payments barely dent the balance because interest eats most of them.
Interest paid per year
Interest charges shrink as the balance falls.
Every chart’s underlying numbers are available as text — use the “view as table” control under each chart.
How it works
Each month, interest accrues on the outstanding balance at APR ÷ 12. Your fixed payment covers that interest first; whatever remains reduces principal. The calculator iterates this loop until the balance hits zero, tracking every dollar.
The critical insight: if your payment is not meaningfully above the monthly interest, the balance barely moves. The result panel warns you when a payment cannot out-run interest — a situation where minimum-style payments can stretch payoff past a decade.
Formula used
r— monthly rate = APR ÷ 12 ÷ 100Payment— your fixed monthly amount (must exceed monthly interest)Total interest— sum of all monthly interest charges
Example calculation
A $6,000 balance at 24.99% APR accrues about $125 in interest during the first month alone, so a $200 payment retires only $75 of debt initially. Held steady at $200, the card is paid off in 4 yrs, with total interest of roughly $3,512. Raising the payment to $300 cuts the timeline by more than a year — use the calculator to test your own number.
Assumptions & limitations
- The payment stays fixed even as the minimum payment would fall.
- No new purchases are added to the card.
- A single purchase APR is used; cash-advance and penalty rates are higher.
- Payments arrive on time every month — late fees and penalty pricing are excluded.
Results are planning estimates based on your inputs and the stated assumptions — not financial advice or a loan offer. Verify important figures with your lender or advisor.
Frequently asked questions
How long does it take to pay off $5,000 on a credit card?
At 24% APR it depends entirely on the payment: about $150/month takes nearly four years, while $300/month finishes in under two. The only way to know your number is to fix the payment and run the schedule.
Why does my balance drop so slowly?
High APRs mean most of a modest payment pays interest first. In the example above, more than half of each early $200 payment never touches the principal. Larger payments or lower rates change the ratio dramatically.
Is a personal loan better than card payments?
Often yes for high-APR debt: personal loan rates are frequently much lower and fixed terms force an end date. Compare using the Debt Consolidation Calculator before refinancing.
What if I can only pay the minimum?
Minimum payments are engineered to keep you paying interest for many years — often over a decade on meaningful balances. Even a small fixed increase above the minimum shortens the schedule substantially; try adding $25–$50 above.