Credit Card Payoff Calculator
See how long it takes to pay off your credit card balance, the total interest cost — or the monthly payment needed to be debt-free by a target date.
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How long will payoff take?
Payment needed for a target date
How Credit Card Payoff Math Works
Credit card interest compounds monthly on your remaining balance: each month, interest = balance × (APR ÷ 12) is added, then your payment is subtracted. The payoff time follows n = −log(1 − r·B/P) ÷ log(1 + r), where B is the balance, P your monthly payment and r the monthly rate. If your payment barely exceeds the monthly interest, payoff takes decades — the calculator warns you when that happens.
Example: a $6,000 balance at 24% APR paid at $150/month takes about 70 months and roughly $4,400 in interest. Raising the payment to $300 cuts it to 24 months and about $1,600 interest. Use the second calculator to set a target date and see the required payment.
Frequently Asked Questions
Why does paying the minimum take so long?
Minimum payments (often 2-3% of the balance) barely cover the monthly interest at typical 20-29% APRs, so almost nothing reduces principal. Even $50 above the minimum can cut years off the payoff.
Avalanche or snowball — which payoff method is better?
Avalanche (highest APR first) minimizes total interest and is mathematically optimal. Snowball (smallest balance first) gives quicker wins that help motivation. Both beat paying minimums everywhere.
Does a 0% balance transfer make sense?
Often yes: a typical 3-5% transfer fee is far less than a year of 25% interest. It only works if you can realistically clear the balance within the promo period — otherwise deferred rates apply.
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Credit Card Payoff Calculator