Debt, budgeting and life insurance
Credit Card Payoff Calculator
See how many months it takes to pay off your credit card at a given payment and APR, and how much interest it costs. Raise the payment to see the difference.
Your Payoff Estimate
Fixed PaymentHow This Calculator Works
This calculator shows how many months it takes to pay off a credit card at a fixed monthly payment, and how much interest you pay along the way. The month count comes from the standard payoff formula, N = −ln(1 − B × r / M) / ln(1 + r), where B is the balance, r is the monthly rate (APR ÷ 12) and M is the monthly payment.
Card rates now average above 21%, so a minimum payment mostly feeds the interest. Adding $100 to $150 a month usually takes years off the payoff and saves a lot of interest. Try your own balance and rate in the calculator.
Frequently Asked Questions
What is the difference between the debt avalanche and the debt snowball?
The avalanche puts extra money toward the card with the highest APR first, which costs the least interest. The snowball starts with the smallest balance first, which gets you quick wins and keeps some people motivated.
Why does my balance barely drop when I pay the minimum?
Most of the payment goes to interest. At 21.5% APR, an $8,500 balance accrues $152.29 in interest in the first month, so a $200 payment cuts the balance by less than $48.
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