SlickCalc

Credit Card Payoff Calculator

See exactly how long it takes to pay off your credit card and how much you'll pay in interest. Compare fixed payments, minimum payments, or target a specific payoff date.

Your Debt

Find this on your statement. U.S. average is 22-25%.

Payment Strategy

Pay the same amount every month until paid off.

Results

Time to pay off

2 yr 10 mo

Total Interest

$1,750

Total Paid

$6,750

You'll pay 35% of your balance in interest alone.

Month-by-month schedule
MonthPaymentInterestBalance
1$200.00$91.67$4,891.67
2$200.00$89.68$4,781.35
3$200.00$87.66$4,669.01
4$200.00$85.60$4,554.60
5$200.00$83.50$4,438.10
6$200.00$81.37$4,319.47
7$200.00$79.19$4,198.66
8$200.00$76.98$4,075.64
9$200.00$74.72$3,950.36
10$200.00$72.42$3,822.78
11$200.00$70.08$3,692.86
12$200.00$67.70$3,560.57
13$200.00$65.28$3,425.84
14$200.00$62.81$3,288.65
15$200.00$60.29$3,148.94
16$200.00$57.73$3,006.67
17$200.00$55.12$2,861.79
18$200.00$52.47$2,714.26
19$200.00$49.76$2,564.02
20$200.00$47.01$2,411.03
21$200.00$44.20$2,255.23
22$200.00$41.35$2,096.58
23$200.00$38.44$1,935.01
24$200.00$35.48$1,770.49
25$200.00$32.46$1,602.95
26$200.00$29.39$1,432.34
27$200.00$26.26$1,258.60
28$200.00$23.07$1,081.67
29$200.00$19.83$901.50
30$200.00$16.53$718.03
31$200.00$13.16$531.19
32$200.00$9.74$340.93
33$200.00$6.25$147.18
34$149.88$2.70$0.00

This calculator assumes a fixed APR and no new charges. Actual issuers may use daily interest accrual, variable APRs, or different minimum payment formulas. Check your card's terms before relying on these numbers for financial decisions.

How the Credit Card Payoff Calculator Works

Credit card debt is brutal because the interest compounds monthly on whatever balance remains, and the minimum payment most issuers ask for barely makes a dent in the principal. This credit card payoff calculator answers two questions: how long will it take to pay off your card, and how much total interest will you actually pay? Enter your balance, APR, and monthly payment, and the math is done in real time.

The credit card APR calculator uses a simple monthly compounding model: each month, interest = balance × (APR ÷ 12), then your payment is split between interest and principal. For example, a $5,000 balance at 22% APR generates about $91.67 in interest the first month. If you pay $200/month, only $108.33 goes toward principal — and that's the first month, when your balance is highest. As the balance drops, more of each payment goes to principal, which is why the second half of a payoff feels faster than the first.

Minimum payment is the calculator setting that surprises most people. The 'modern' issuer formula (introduced by U.S. regulators after the 2009 CARD Act) requires payment to at least cover interest plus 1% of the balance, with a $25 floor. Sounds reasonable — but on a $5,000 balance at 22%, that minimum is only about $142 in month one, meaning $50 goes to principal. Paying only the minimum, that $5,000 takes 15-18+ years to pay off and costs more in interest than the original debt.

Switching to fixed payments above the minimum is the single fastest improvement you can make. Doubling your payment from $200 to $400 on a $5,000 card at 22% drops the payoff time from ~32 months to ~14 months, and cuts total interest by more than half. This is why the calculator lets you compare strategies side by side — see exactly what an extra $50 or $100 a month does to your total interest. For a deeper look at how loans amortize, see our loan calculator.

If you have multiple cards, focus on the highest-APR card first (the 'avalanche' method) — it's mathematically optimal. The 'snowball' method targets the smallest balance first; it's slightly more expensive but gives faster psychological wins. Either way, paying off credit cards typically returns 15-25% per year guaranteed (your APR), which is far better than almost any investment. Consider whether a 0% balance transfer or a personal loan at a lower rate could accelerate your payoff.

Frequently Asked Questions

How long will it take to pay off my credit card?
Enter your balance, APR, and a monthly payment amount. The calculator simulates each month — applying interest to the remaining balance and subtracting your payment — until the balance reaches zero. The 'Time to pay off' result tells you exactly how many months it takes.
What is the credit card APR?
APR (Annual Percentage Rate) is the yearly cost of borrowing on your card, shown as a percentage. The U.S. average APR is 22-25% as of 2026. Your specific rate is on your monthly statement, typically labeled 'Purchase APR' or 'Standard APR.' Cards often have separate APRs for purchases, balance transfers, and cash advances.
How is the minimum payment calculated?
Most U.S. credit card issuers use the 'modern' formula: the greater of (1% of balance + interest + any fees) or $25. This is the calculator default. On a $5,000 balance at 22% APR, the minimum is roughly $142 in the first month. Some older or subprime cards use simpler 2% of balance, which can result in negative amortization on high-APR cards.
Why does paying only the minimum take so long?
The minimum payment is designed to barely cover interest plus a tiny bit of principal. On a $5,000 balance at 22% APR, paying only the minimum takes 15-18+ years and costs more in total interest than your original debt. Paying $50-$100 more each month can cut years off the payoff time and save thousands in interest.
Should I pay off my credit card or invest the money?
Credit card APRs of 18-25% are higher than almost any investment return. Mathematically, paying off the card first is almost always better — you 'earn' a guaranteed return equal to your APR. The only exception is matched 401(k) contributions, where you should always capture the full match first. After that, kill the credit card debt before investing in non-retirement accounts.
Can I pay off my credit card faster with a balance transfer?
Possibly. A 0% balance transfer card gives you 12-21 months of no interest, but you typically pay a 3-5% transfer fee upfront. If you can pay off the balance during the 0% period, you'll save money. If you'll still have a balance when the promotional period ends, the rate jumps back to a normal APR (often 25%+), and you may end up paying more total. Run the numbers carefully before transferring.

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