Balance over time
Remaining balanceYear-by-year schedule
| Year | Principal | Interest | Balance |
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This credit card payoff calculator shows how long it will take to clear your balance — and how much interest you'll pay — based on your balance, APR, and the fixed monthly payment you can make. Increase the payment to see how fast the payoff time and interest drop.
How to use it
Enter your current balance, the card's APR (on your statement), and the monthly payment you plan to make. The calculator shows the number of months to zero, the total interest, and the total you'll pay. If your payment barely covers the interest, it will tell you to pay more.
The math behind it
Each month, interest of (balance × APR ÷ 12) is added, then your payment is subtracted. The payoff time uses n = ln(PMT ÷ (PMT − balance×r)) ÷ ln(1+r), where r is the monthly rate. The higher your payment above the monthly interest, the faster the balance falls.
How to pay it off faster
- Pay more than the minimum — even $50 extra shortens the timeline a lot.
- Consider a 0% APR balance transfer to stop interest temporarily.
- Use the avalanche method: attack the highest-APR card first.
Related
Credit Card Payoff Calculator FAQ
How long will it take to pay off my credit card?
It depends on your balance, APR, and monthly payment. For example, $6,000 at 22.9% APR paid at $300/month takes about 24 months and roughly $1,400 in interest. Paying $400/month cuts it to about 17 months. Try your numbers above.
How much interest will I pay on my credit card?
Interest equals your total payments minus your original balance. At high APRs, making only minimum payments can mean paying more in interest than the original purchase. The calculator shows your exact total interest.
Why does paying only the minimum take so long?
Minimum payments are usually 1%–3% of the balance plus interest — so most of your payment goes to interest, not principal. That can stretch a payoff to a decade or more. Paying a fixed, higher amount each month is far faster.
Should I do a balance transfer?
If you qualify for a 0% APR balance-transfer card, moving the balance can pause interest for 12–21 months so your whole payment reduces principal. Watch for the transfer fee (usually 3%–5%) and pay it off before the promo ends.
What's the fastest way to get out of credit card debt?
Pay as much as you can each month, stop adding new charges, and target the highest-APR balance first (the avalanche method). A 0% balance transfer or a lower-rate personal loan can also cut the interest while you pay it down.
Written by Nicolas William, Lead Financial Editor at Finances News. Figures are estimates for planning only. Last updated 2026.