Enter your credit card balance, interest rate, and either your monthly payment or desired payoff time to see how long it will take to clear your debt and how much interest you'll pay.
How to use this calculator
Enter your current credit card balance.
Enter the annual percentage rate (APR) from your credit card statement.
Choose whether you want to specify a fixed monthly payment or a desired payoff time.
Enter either the monthly payment amount or the number of months you want to take to pay off the balance.
See how long it will take to pay off your debt and how much interest you'll pay.
Use Share to send a link with your exact values.
Formula & method
How credit card payoff is calculated
Uses the standard loan amortization formula for calculating months to payoff given balance, monthly payment, and monthly interest rate.
n = -log(1 - r*B/P) / log(1 + r) where n = number of months, r = monthly interest rate (APR/12/100), B = balance, P = monthly payment
Example
For a $5,000 balance at 18.9% APR with $200/month payments: monthly rate = 1.575%, it will take 32 months to pay off with $1,338 in interest.
Key insights
Minimum payments (typically 1-3% of balance) will keep you in debt for years and cost you thousands in interest.
Every extra $10 per month can save you hundreds in interest and shorten your payoff time significantly.
The higher your APR, the more important it is to pay more than the minimum.
Consider transferring your balance to a 0% APR card if you can pay it off during the promotional period.
Paying off credit card debt is often one of the best 'investments' you can make, equivalent to earning a guaranteed return equal to your APR.
How to interpret your result
Time to pay off
The number of months it will take to completely pay off your balance with the specified monthly payment.
Total interest paid
The total amount of interest you'll pay over the life of the debt. This is in addition to repaying the original balance.
Total paid
The sum of your original balance plus all interest paid.
Frequently asked questions
What is a good monthly payment to aim for?
Aim to pay at least 2-3 times the minimum payment. Minimum payments are designed to keep you in debt as long as possible.
Should I stop using my card while paying it off?
Yes, to make real progress, stop adding new charges to the card you're trying to pay off.
Is it better to save money or pay off credit card debt?
Generally, pay off credit card debt first if your APR is higher than what you could earn safely investing (which is almost always the case).
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