Credit card payoff calculator
See how long it takes to pay off your credit card and how much interest you pay.
Estimate assuming a fixed payment and no new charges.
How the calculation works
With a fixed payment, the number of months is n = −log(1 − balance·r/payment) / log(1+r), where r is the monthly rate (APR ÷ 12).
How much the payment changes the outcome
$5,000 balance at 22% APR:
| Payment/mo | Time | Total interest |
|---|---|---|
| $150 | ~52 months | ~$2,800 |
| $200 | ~34 months | ~$1,750 |
| $300 | ~20 months | ~$1,020 |
| $500 | ~11 months | ~$575 |
Doubling the payment doesn't halve the interest — it cuts it by two-thirds or more, because the balance drops before interest can compound.
The minimum-payment trap
The minimum is designed to barely cover interest — the balance hardly falls and the debt drags on for years. Near the minimum, every extra dollar goes almost entirely to principal.
Two strategies for multiple cards
Avalanche: pay the highest-APR card first (mathematically optimal). Snowball: pay the smallest balance first (quick wins, better motivation). Both work — the best one is the one you stick to.
Examples
- $5,000 at 22% paying $200/mo: paid off in ~34 months with ~$1,750 interest. At $300/mo: ~20 months and ~$1,020.
Frequently asked questions
Why does a small payment take so long?
Most of it goes to interest, so the balance barely drops. Paying more shortens it a lot.
Is a 0% balance transfer worth it?
It can be: promotional 0% APR transfer cards pause interest for 12–21 months. Watch the transfer fee (3–5%) and the post-promo APR.
Should I pay off the card or invest?
At ~22% APR, paying the card is a guaranteed 22%/yr "return" — more than any ordinary investment. Card debt first, almost always.
Does paying off the card help my credit score?
Yes: credit utilization (balance ÷ limit) weighs heavily on your score. Dropping below ~30% of the limit usually lifts the score within weeks.
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Updated on July 2, 2026 · by Rafael Rossi · Methodology & sources