Credit card payoff calculator
How long it takes to clear a card balance, and the interest you pay.
About this calculator
Use this credit card payoff calculator to plan how to clear a card balance. Choose a fixed monthly payment to see when you'll be debt-free, or pick a time limit to see the payment you need.
It also shows how long the balance would take with minimum payments only, which is often many years and much more interest.
How it works
Each month, interest at the APR divided by 12 is added to the balance, then your payment is taken off. This repeats until the balance reaches zero.
Last reviewed:
Worked example
- Card balance: $6,000
- Interest rate (APR): 22% a year
- Plan: Pay a set amount
- Monthly payment: $250
Debt-free in: 2 yr 8 mo
Common questions
Why does paying the minimum take so long?
The minimum is usually little more than that month's interest, so only a small part of each payment reduces the balance. As the balance falls, the minimum falls too, which stretches the debt out even further.
Which card should I pay off first?
Paying the highest APR first (the avalanche method) costs the least interest. Paying the smallest balance first (the snowball method) gives quick wins that help some people keep going.
Does a balance transfer help?
A 0% balance transfer can save a lot of interest if you clear the balance before the offer ends. Watch for the transfer fee and the rate that applies afterwards.
Sources and further reading
The story behind it
Where the idea came from: The Diners Club card, launched in 1950, is often called the first multipurpose charge card.
Diners Club began as a card for paying at restaurants, and bank cards that let you carry a balance followed in the late 1950s. Revolving credit made borrowing easy, but the interest piles up quietly. Since 2010, US card statements have had to show how long the balance would take to clear with minimum payments, and this calculator lets you test any plan the same way.
Why you can trust this calculator
- It runs in your browser. Nothing you type into it is sent anywhere.
- The method is explained on this page, so you can check it yourself.
- Free to use, with no sign-up.
- Results are estimates, not financial advice.
- Spotted a mistake? Tell us and we'll look into it.
After 15 years as a mathematics educator, I built CalculStore to give students, teachers, professionals and anyone working with numbers simple, reliable tools.
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