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Credit card payoff calculator
How long until the card is clear, what it costs, and what monthly payment gets you there by the date you choose.
2 yrs 9 mo
to pay off at $250/month · $2,101 interest
To be debt-free in 24 months, pay $313.94 a month.
The minimum-payment trap
Card issuers typically set the minimum at about 1% of the balance plus that month's interest, with a floor around $25. Change the formula to match your statement and compare it with a fixed payment.
Minimum payments (first: $175)
20 yrs 10 mo
$10,362 interest
Fixed $250
2 yrs 9 mo
$2,101 interest
Getting out faster
- Pay a fixed amount, not the minimum. Keep paying what you paid in month one even as the minimum falls.
- Stop adding to it. New purchases on a card carrying a balance usually accrue interest from day one because you've lost the grace period.
- Ask for a lower rate. A phone call to the issuer after a year of on-time payments sometimes works.
- Consider a 0% balance transfer or a lower-rate personal loan, and use the personal loan payoff calculator to compare.
- More than one card? The debt snowball and avalanche calculator decides which to attack first.
Questions people ask
How long will it take to pay off my credit card?
It depends on your balance, APR and payment. At 22.9% APR, $6,000 paid at $250 a month takes about 2 years 9 months. Enter your numbers above for your exact timeline.
Why does paying the minimum take so long?
Minimums are usually a small percentage of the balance plus interest, so they shrink as the balance shrinks. You end up paying a little less each month and the tail stretches for years. Paying a fixed amount instead avoids the trap.
How is credit card interest calculated?
Most issuers use the average daily balance times the daily rate (APR ÷ 365), summed over the billing cycle. This calculator uses APR ÷ 12 on the monthly balance, which is close for planning.
Does a balance transfer help?
A 0% balance transfer can save a lot if you pay the balance off before the promo ends. Account for the transfer fee (commonly 3–5%), and set a payment equal to the balance divided by the promo months.
Where do I find my card's payoff estimate?
The CARD Act of 2009 requires your statement to show how long payoff takes at the minimum payment, and what payment would clear it in three years.