Credit card payoff calculator
How long a card balance takes to pay off and the interest, or the payment needed to be debt-free by a date.
- ๐บ๐ธ US federal & state rules
- See sources
Time to pay off
3 yr 0 mo
36 payments, $2,000.56 in interest
- Total interest
- $2,000.56
- Total paid
- $7,000.56
- Interest the first month
- $100.00
- Interest saved vs minimum
- $6,886.39
This is an example. Enter your numbers above and press the button to see your own result.
Compare payoff plans
| Your plan, $200.00 a month | 3 yr 0 mo, $2,000.56 interest |
|---|---|
| Minimum only (starts at $150.00) | 19 yr 6 mo, $8,886.95 interest |
| Paid off in 12 months | $472.80 a month, $673.58 interest |
| Paid off in 24 months | $264.36 a month, $1,344.53 interest |
| Paid off in 60 months | $143.84 a month, $3,630.39 interest |
- Assumes no new charges, no fees and a steady APR. Card issuers charge interest daily, so real totals can differ by a few dollars.
- Minimum payment rules vary by card. Your statement shows yours, along with how long paying only the minimum would take.
Show the math
| Monthly rate | 24% รท 12 = 2% |
|---|---|
| Minimum payment rule | interest + 1% of balance, at least $25.00 |
What to do next
How it works
Each month, interest of APR รท 12 is added to the balance and your payment is subtracted. The calculator repeats that until the balance reaches zero. In the debt-free by a date mode, it solves for the fixed payment that clears the balance in that many months.
It also runs the minimum payment path with the rule you enter. Many cards use interest plus 1% of the balance, with a floor such as $25 or $35, but issuers set their own rules.
Things to keep in mind
Card issuers charge interest on the average daily balance, so real totals can differ slightly. Under Regulation Z, your monthly statement must show how long paying only the minimum would take and what it would cost. Use that box to check this estimate.
Sources
- CFPB, Regulation Z 1026.7(b)(12) repayment disclosuresChecked 2026-10-19
Frequently asked questions
How long will it take to pay off my credit card?
It depends on the payment. A $5,000 balance at 24% APR paid at $200 a month takes 36 payments and about $2,001 in interest, if you add no new charges.
What if I only pay the minimum?
With a minimum of interest plus 1% of the balance, that same $5,000 takes about 19.5 years and costs about $8,887 in interest. That is why statements carry a minimum payment warning.
How much should I pay to be debt-free in 2 years?
Switch to the debt-free by a date option. $5,000 at 24% needs $264.36 a month to be gone in 24 months.
Why is my balance barely going down?
At 24% APR, about 2% of the balance is added as interest every month. On $5,000 that is $100 a month, so only the part of your payment above $100 reduces the debt.