Credit card payoff calculator

See how long it will take to pay off your credit card at your current payment, or how much to pay each month to be debt-free by a date you choose.

Why minimum payments cost so much

Card issuers set the minimum payment low, often just the interest plus about 1% of the balance. As the balance goes down, so does the minimum, which means the debt can take decades to clear. Your monthly statement must show how long payoff takes if you pay only the minimum.

Example

A $5,000 balance at 22% APR adds $91.67 of interest in the first month. Paying a fixed $200 a month clears it in 2 years and 10 months, with $1,749.88 of interest. Paying only the example minimum takes 19 years and 2 months and costs $8,099.77 in interest. To be debt-free in 2 years, pay $259.39 a month.

Strategies to pay off credit card debt

Avalanche: pay as much as you can on the card with the highest APR and the minimum on the rest. This saves the most interest.
Snowball: clear the smallest balance first for a quick win, then roll that payment into the next card.
Balance transfer: a 0% intro APR card can pause the interest while you pay down the principal. There is usually a 3% to 5% transfer fee.

Frequently asked questions

How is credit card interest calculated?

Most cards apply a daily periodic rate (APR divided by 365) to your average daily balance and charge it once a month. This calculator uses the APR divided by 12, which gives a close estimate.

Does paying off a card help my credit score?

Usually yes. Lowering your balances reduces your credit utilization, one of the biggest factors in your score.

Assumes no new charges, fees or rate changes. Estimates for guidance only.