CalcArcade.

Credit Card Payoff Calculator

Enter your balance, APR and the amount you pay each month to see your payoff date and the true cost of carrying the balance.

Your numbers

Result

Estimate for information only, not professional advice. Last reviewed .

How we calculate it

Each month the card charges interest equal to the balance times APR ÷ 12. Your payment first covers that interest and the remainder lowers the balance. The calculator repeats this until the balance is zero.

It assumes you stop adding new purchases to the card. New charges would lengthen the payoff time.

Assumptions and limits

  • Many cards compute interest daily; monthly compounding here is a close approximation.
  • Promotional 0% periods, balance transfer fees and annual fees are not modeled.
  • If your payment is not larger than one month of interest, the balance never falls and the calculator says so.

Frequently asked questions

Why does it take so long to pay off a card paying the minimum?

Minimum payments are often only slightly above the interest charged, so very little goes toward the balance. Raising the payment even modestly shortens the payoff dramatically.

Is the avalanche or snowball method better?

Paying the highest-APR card first (avalanche) minimizes interest. Paying the smallest balance first (snowball) can be more motivating. Both work if you keep paying.

Does a balance transfer help?

It can if the fee is small and you pay the balance off during the promotional period. Compare the fee to the interest you would otherwise pay using this calculator.

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Worked example (a fixed example using the starting numbers, it does not change as you type)

Inputs: Card balance ($) = 5000; Interest rate (APR %) = 22.9; Monthly payment ($) = 200.

  • Time to pay off 2 years 11 months
  • Total interest $1,859.78
  • Total paid $6,859.78
  • Debt-free date September 2029

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Last reviewed: . Formulas and assumptions are described on our methodology page. For information only; not professional advice.