Credit card payoff calculator

See how long your credit card takes to pay off, what it costs in interest, and how much sooner you’re done paying more than the minimum.

Your card

Your plan

How you’ll pay it off

Assumes no new purchases on the card.

Paid off in2 years, 5 months
Total interest
$1,968
Total paid
$8,468
Minimum only
21 years, 6 months
$11,316 in interest
Interest saved
$9,348
vs. minimum only

Paying only the minimum, about $189.04 to start and less as the balance falls, would take 21 years, 6 months.

BalanceYour planMinimum only
Payment schedule, year by year
YearPaidPrincipalInterestBalance left
1$3,600.00$2,347.84$1,252.16$4,152.16
2$3,600.00$2,945.68$654.32$1,206.48
3$1,267.73$1,206.48$61.24$0.00

How credit card interest works

A card’s APR is a yearly rate, charged a month at a time. At 24% APR, the card adds about 2% of the balance in interest each month. Whatever you pay goes to that interest first, and only the rest lowers the balance. That’s why small payments can feel like they go nowhere, and why even a little more each month makes a big difference.

Why the minimum payment takes so long

Many issuers set the minimum at 1% of the balance plus that month’s interest, with a floor around $25. As the balance falls, so does the minimum, which stretches the payoff out for years. The calculator uses that formula for the minimum-only comparison. Check your statement for your card’s exact minimum and its estimate of how long the minimum takes.

Ways to pay a card off faster

Pay a fixed amount every month instead of the minimum, stop new purchases on the card while you pay it down, and put windfalls like tax refunds toward the balance. If you have several cards, the debt payoff calculator shows which to pay first. A balance transfer or a consolidation loan at a lower rate can help too, once fees are counted.

Questions

Where do I find my APR?

On your statement or in your card’s app, usually labeled “Purchase APR.” If part of your balance has a different rate, like a cash advance or an intro offer, the calculator’s result is an estimate.

Does it include new purchases?

No. It assumes you stop using the card while you pay it off. New purchases add to the balance and push the payoff date back.

Why is my payoff time “Never”?

Your payment is smaller than the interest the card adds each month, so the balance grows. Pay more than the monthly interest shown to start bringing it down.

Is my bank’s number different?

Card issuers usually charge interest daily on the average balance, so their figures can be a little different from this monthly estimate.

Estimates only, using monthly compounding at your APR divided by 12. Your lender’s numbers may differ with daily interest, fees or rate changes. This calculator isn’t financial advice.