Credit Card Payoff Calculator

A card balance feels like one number, but how fast it disappears depends on a second one you choose: the payment. This calculator answers both of the questions people actually ask — “when will I be done if I pay this much?” and “how much do I need to pay to be done by then?” — and puts the card’s minimum payment next to your plan so the cost of the slow road is plain to see.

How to use the credit card payoff calculator

1. Enter the balance and APR from your latest statement. Use the purchase APR, not a promotional one that is about to end.
2. Pick what you want to work out. Choose “I can pay a set amount” and type a monthly payment, or choose “I want it gone in…” and type the number of months.
3. Check the minimum-payment rule. It starts at interest plus 1% of the balance with a 25 floor, which matches most large US issuers. Change it if your statement says otherwise.
4. Read the results — payoff time and month, total interest, and what your plan saves over the minimum.
5. Look at the schedule. The yearly chart and tables show where every payment goes, for your plan or for the minimum, and the monthly table downloads as a CSV.

How it works

Each month the calculator adds interest at the APR divided by 12, then takes the payment off. When the payment is fixed, the number of months has a closed form, and so does the payment for a target number of months:

r = APR / 12
months to pay off:      n = −ln(1 − r × B / P) / ln(1 + r)
payment for n months:   P = r × B / (1 − (1 + r)^−n)
with 0% APR:            n = B / P   and   P = B / n

Here B is the balance and P the monthly payment. If P is no larger than r × B, the first month’s interest, the logarithm has no answer: the balance never goes down, and the calculator says so instead of showing a date. Plans that would take more than 100 years are treated the same way.

The minimum-only comparison works month by month, because the minimum changes every month:

Worked example

A card with a balance of 6,000 at 22.9% APR. The first month’s interest is 6,000 × 0.229 ÷ 12 = 114.50, so the card’s first minimum is 114.50 + 60 = 174.50.

Paying a steady 250 — only 75.50 more than the first minimum — saves about 8,261 in interest and more than 18 years. You can check the 250 case with the formula: r × B / P is 114.50 ÷ 250 = 0.458, and −ln(0.542) ÷ ln(1.019083) is about 32.4, so the card is clear on the 33rd payment.

Common mistakes

• Letting the payment fall with the minimum. The minimum drops every month. Keep paying the amount you started with and the payoff time collapses.
• Paying just above the interest. A payment a few dollars over the interest technically makes progress, but it can take decades. The calculator flags payments that never get there.
• Assuming a flat 2% minimum is safe. At 22.9% APR the monthly interest is about 1.9% of the balance, so a 2% minimum barely touches the debt — on the example card it would still be running after 100 years.
• Still using the card. New purchases restart the clock. The plan assumes the card stays in the drawer.
• Ignoring promotional end dates. A 0% transfer that reverts to 27% changes the whole picture — model both periods.

Glossary

• APR — the yearly interest rate on the card. Divided by 12 here to charge interest monthly.
• Minimum payment — the least the issuer accepts without marking the account late.
• Amortization — paying a debt down in regular installments, each split between interest and balance.
• Payoff month — the month of your last payment, assuming the first is next month.

These figures are estimates for planning, not financial advice. Your card agreement sets the real rate, fees and minimum, and a non-profit credit counselor can help if the payments are more than you can manage.

Last reviewed: October 2, 2026