Credit Card Payoff Calculator

Find out how long it will take to pay off your credit card balance

Last updated: October 2026How we build & verifyEstimate only. Verify important decisions with a qualified professional

Current Balance ($)

APR (%)

Monthly Payment ($)

How it works

Estimates how many months of a fixed payment it takes to clear a revolving balance, and how much interest that costs. Because card interest compounds on the remaining balance, small increases in the payment shorten the timeline sharply.

Formula

n = −ln(1 − (r × B) / Payment) / ln(1 + r)

Variables

Bcurrent balance
rmonthly periodic rate (APR ÷ 12)
Paymentfixed amount paid each month
nmonths required to reach a zero balance

Worked example

Inputs: $6,000 balance at 22% APR, paying $200 per month

r = 0.22 / 12 = 0.018333
Monthly interest at the start: 6000 × 0.018333 = 110.00
1 − 110 / 200 = 0.45
n = −ln(0.45) / ln(1.018333) = 0.7985 / 0.018167 ≈ 44
Total paid = 200 × 44 ≈ 8,790

Result: About 44 months and roughly $2,790 in interest

Notes

If the payment is less than or equal to the monthly interest charge, the formula has no solution and the balance never clears. At 22% APR on $6,000 that floor is $110 per month.
Minimum payments are usually a percentage of the balance, so they shrink as you pay down and stretch the payoff for decades. Fix the payment in dollars instead.
The avalanche method (highest APR first) minimises total interest; the snowball method (smallest balance first) clears accounts sooner and is easier to stick with. The gap in total cost is often smaller than people expect.
Balance transfer offers charge a 3-5% upfront fee. That fee is worth it only if you can clear most of the balance inside the promotional window.

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Frequently Asked Questions

Credit card minimums are typically 1-3% of the balance, which barely covers interest on balances over a few thousand dollars. A $5,000 balance at 20% APR with 2% minimums takes 21 years to pay off.

Any extra amount drastically shortens the payoff. Doubling the minimum typically cuts total interest by 50%+. Aim for at least 3× the minimum, or a fixed payoff target date.

If you qualify for a 0% intro APR card and can pay the balance during the promotional period (usually 12-21 months), balance transfers are powerful. Just watch for transfer fees (3-5%) and the post-promo rate.

How it works

Formula

n = −ln(1 − (r × B) / Payment) / ln(1 + r)

Variables

Bcurrent balance
rmonthly periodic rate (APR ÷ 12)
Paymentfixed amount paid each month
nmonths required to reach a zero balance

Worked example

Inputs: $6,000 balance at 22% APR, paying $200 per month

r = 0.22 / 12 = 0.018333
Monthly interest at the start: 6000 × 0.018333 = 110.00
1 − 110 / 200 = 0.45
n = −ln(0.45) / ln(1.018333) = 0.7985 / 0.018167 ≈ 44
Total paid = 200 × 44 ≈ 8,790

Result: About 44 months and roughly $2,790 in interest

Notes

If the payment is less than or equal to the monthly interest charge, the formula has no solution and the balance never clears. At 22% APR on $6,000 that floor is $110 per month.
Minimum payments are usually a percentage of the balance, so they shrink as you pay down and stretch the payoff for decades. Fix the payment in dollars instead.
The avalanche method (highest APR first) minimises total interest; the snowball method (smallest balance first) clears accounts sooner and is easier to stick with. The gap in total cost is often smaller than people expect.
Balance transfer offers charge a 3-5% upfront fee. That fee is worth it only if you can clear most of the balance inside the promotional window.

Credit Card Payoff Calculator

How it works

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Frequently Asked Questions

Credit Card Payoff Calculator

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Frequently Asked Questions