Credit card payoff calculator
See how long it will take to pay off your credit card and how much interest you'll pay, or what you need to pay each month to clear it by a date you choose.
Paid off in
- Total interest
- Total paid
Pay each month
- Total interest
- Total paid
Estimates only, for illustration.
How this calculator works
Enter your balance, your card's APR and what you plan to pay each month. The calculator adds a month's interest to your balance (your APR divided by 12), takes off your payment, and repeats until the balance reaches zero. It shows how many months that takes and how much of what you pay goes to interest.
Switch to "What do I need to pay?" to work backward from a goal, such as being debt-free in two years.
Getting the most from it
- Find your APR on your statement or in your card's app. If you have a promotional rate, use the rate that applies after it ends.
- Try a few payment amounts. Even an extra $25 or $50 a month can cut months off the payoff time and save hundreds in interest.
- Stop using the card while you pay it down, or the numbers won't hold.
If you have more than one debt, the debt payoff calculator compares the snowball and avalanche methods across all of them.
Common questions
Minimum payments are usually a small percentage of your balance, so most of each payment goes to interest at first. As the balance falls, the minimum falls too, which stretches the debt out for years. Paying a fixed amount above the minimum each month makes a big difference.
It's a close estimate. Most cards work out interest daily on your balance, and new purchases, fees and rate changes all affect the real figure. Your statement shows the exact interest charged each month.
Pay more than the minimum, stop adding new purchases, and ask your card company for a lower rate. A balance transfer card with a 0% intro rate can also help if you can clear the balance before the offer ends.