Credit Card Payoff Calculator
Months to clear a card balance and the interest it costs.
Enter your values
ⓘ Live results
Results
- Time to pay off
- 2 yr 6 mo
- Total interest
- $2,500.00
- Total paid
- $9,000.00
- First month's interest
- $135.36
Quick answer
At a fixed monthly payment, a card balance clears in months = −log(1 − rB/P) / log(1+r), where r is the monthly rate.
How to use the Credit Card Payoff Calculator
- 1Enter the balance and the card's APR.
- 2Enter what you can pay each month.
- 3Read the payoff time and interest cost.
Worked example
Using the values the calculator loads with:
Inputs
- Card balance6500 $
- APR24.99 %
- Monthly payment300 $
Results
- Time to pay off2 yr 6 mo
- Total interest$2,500.00
- Total paid$9,000.00
- First month's interest$135.36
Frequently asked questions
Why are minimum payments so damaging?
Minimums are set near the interest charge, so the balance barely moves and a card can take decades to clear.
Avalanche or snowball?
Avalanche (highest rate first) costs least; snowball (smallest balance first) is easier to stick with. Both beat paying minimums.
About this calculator
- Built and reviewed by James Whitfield · How we build and test calculators
- Report an error
Results are estimates for general information. For medical, legal, structural or financial decisions, confirm with a qualified professional.