Credit Card Payoff Calculator
Enter your card balance, APR and the amount you pay each month, and this calculator shows how many months the card takes to reach zero, the date that lands on, and the total interest along the way. Card interest is charged monthly at APR divided by twelve, so a $6,500 balance at 24.99% costs about $135 in the first month alone.
Paying more than the minimum changes the picture fast. On that balance, $195 a month takes almost five years and costs about $4,700 in interest; $295 a month takes 30 months and roughly halves the interest. The calculator also checks whether moving the balance to a 0% card or a lower-rate loan would cost less than staying put.
Results
Your plan
Debt-free March 2029
In 2 years 6 months, paying $2,289 in interest.
At minimum payments only, these debts take 4 years 10 months and cost $4,709 in interest. With $100 extra a month you are debt-free in 2 years 6 months after $2,289 in interest.
Enable JavaScript to edit the numbers above and see your own plan, charts, and month-by-month schedule.
Frequently asked questions
How is credit card interest calculated?
Most issuers use a daily periodic rate, but over a month it works out very close to the balance times APR divided by twelve. On $6,500 at 24.99% that is about $135 per month. This calculator applies interest monthly and your payment at the end of the month, which matches issuer statements to within a dollar or two.
How long does it take to pay off a credit card paying only the minimum?
Typically 15 to 30 years, because the minimum is usually interest plus 1% of the balance and it shrinks as the balance shrinks. On the example card the minimum-only path runs well past a decade and costs more than the balance in interest. Use the minimum payment calculator to see the exact figure for your card.
Should I pay a fixed amount or the minimum?
A fixed amount. The minimum drops every month as your balance falls, which stretches the payoff for years. Freezing your payment at the first month's minimum, and never letting it drop, typically cuts a 20-year payoff to under five and saves thousands. Set it up as an automatic payment so it never slips.
Will a balance transfer or consolidation loan save money on this card?
Often yes, if you qualify and clear the balance before a promo ends. The calculator shows a 0% transfer at a 3% fee for 18 months and a consolidation loan at a rate matched to your credit range, ranked by total cost against your current plan. Compare them with real offers before deciding.
Does this calculator account for new purchases?
No. It assumes you stop adding to the card, which is the only way any payoff plan works. If you must keep using a card, use a different one and pay it in full each month, so the balance you are attacking only goes down. Add any expected large purchase as a separate debt if you want to see its effect.