Credit Card Payoff Calculator
See how long it takes to clear a card balance.
Results update as you type.
This calculator is for illustrative purposes only. Actual rates, fees and terms vary by lender. Consult a qualified financial adviser before making borrowing decisions.
How it works
The months-to-payoff figure shown here is how long a fixed monthly payment takes to clear a credit card balance, given the card's interest rate. It matters because card interest compounds monthly at high rates, so a balance left to drift can cost far more than the original purchases and take years to erase. This credit card payoff calculator converts the APR to a monthly rate, charges that interest on the shrinking balance each month, and solves for the number of payments needed to reach zero, then reports the total interest paid along the way. The logarithmic formula is used because the balance falls by a different amount every month — early payments are mostly interest, later ones mostly principal — so a simple division would not capture the curve. Borrowers use a credit card payoff calculator to see the real cost of carrying a balance, to test how a larger monthly payment shortens the timeline, and to decide whether a balance transfer or a personal loan would be cheaper. A key rule surfaces here: if your payment is less than or equal to the interest charged that month, the balance never falls and the debt is never repaid, which is why the tool returns no result in that case.
n = −ln(1 − balance × i ÷ payment) ÷ ln(1 + i), i = APR ÷ 1200
The monthly rate i is the APR divided by 1200. Each month interest of balance × i is added, and the payment chips away at what remains, so the balance follows a declining curve. Rearranging that curve to solve for the number of payments gives n = −ln(1 − balance × i ÷ payment) ÷ ln(1 + i). If the payment does not exceed balance × i, the logarithm's input is zero or negative and no finite payoff exists, so the tool shows no result.
Source:Consumer Financial Protection Bureau (CFPB)
We review all our tools from time to time to ensure accuracy.
Worked example
How to use this calculator
- 1
Enter your values
Enter card balance, apr and monthly payment.
- 2
Adjust the options
Fine-tune any options to match your situation.
- 3
Read your result
Months to payoff updates instantly as you type — no button to press.
Frequently asked questions
Why does credit card debt cost so much?
Card APRs are among the highest of any common borrowing, often 18–25% or more, and interest compounds monthly on the balance that remains. When you pay only a small amount, most of it covers interest and little touches the principal, so the balance barely moves and interest keeps accruing on it. That combination of a high rate and slow principal reduction is why a modest balance can take years to clear and cost hundreds or thousands extra.
What happens if I only pay the minimum?
Minimum payments are typically set at a low percentage of the balance, often just enough to cover interest plus a sliver of principal. Paying only that stretches repayment over many years and multiplies the interest cost, sometimes exceeding the original balance. It also keeps your credit utilization high, which can weigh on your score. Paying a fixed, larger amount each month — as this tool models — clears the debt far faster and cheaper.
Why can't a small payment ever pay off the card?
If your monthly payment is less than or equal to the interest charged that month, the balance stays the same or grows, so it never reaches zero. For example, a $5,000 balance at 20% APR accrues about $83 of interest in the first month, so a payment at or below that amount makes no progress. The tool returns no result in that case as a warning to raise your payment above the monthly interest.
Should I use a balance transfer to pay it off faster?
A balance transfer to a card with a 0% introductory rate can pause interest for a promotional window, letting every payment reduce principal. It often carries a transfer fee of 3–5% and reverts to a high rate after the promotion ends, so it helps only if you clear most of the balance during the intro period. Compare the fee and the timeline against simply paying more each month before deciding.
Does paying more than the minimum really help?
Substantially. Because interest is charged on the outstanding balance, every extra dollar of payment reduces principal and shrinks the interest charged next month, compounding the benefit. Raising a fixed monthly payment even modestly can cut the payoff time by months and the interest cost by a large fraction. Try increasing the monthly payment in this tool to see how sharply both the timeline and the total interest fall.