Credit Card Payoff Calculator
See how long a card balance takes to pay off, or what to pay each month to clear it by a deadline.
| Months to pay off | 32 (2 years, 8 months) |
|---|---|
| Total interest | $1,313.96 |
| Total paid | $6,313.96 |
How to use it
- Enter the balance and APR from your statement.
- Choose whether you are entering a fixed monthly payment or a number of months.
- Assumes no new charges while you pay it down.
Formula
Monthly rate i = APR ÷ 12Each month: balance = balance × (1 + i) − payment, until it reaches 0Payment to finish in n months = B × i ÷ (1 − (1 + i)^−n)
Example
A $5,000 balance at 18% APR with $200 a month takes 32 months and costs $1,313.96 in interest. To clear it in 24 months you'd pay $249.62 a month and $990.89 in interest. A $50 payment never pays it off, because the first month's interest is $75.
Questions
Why not just pay the minimum?
Minimums are often close to the monthly interest, so most of the payment covers interest and the balance falls slowly. Try a few payments here to see the difference.
Does my card compound daily?
Many cards use a daily periodic rate on the average daily balance. Using APR ÷ 12 monthly gives a close estimate; your statement is exact.
What about a balance transfer?
Enter the promotional APR (often 0%) as the APR, and add the transfer fee to the balance.
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Last reviewed 2026-10-11. Found a mistake? Tell us.