Credit Card Payoff Calculator

Find out exactly when you’ll be credit card debt-free and how much interest you’ll pay. Enter your card details below to see your payoff timeline under different payment scenarios.

How Credit Card Interest Works

Credit card interest is calculated using your Annual Percentage Rate (APR), divided by 12 to get a monthly rate, applied to your outstanding balance. When you make only the minimum payment, most of that payment goes toward interest rather than reducing your actual debt. This is why credit card balances can feel like they never go down.

For example, on a $5,000 balance at 22.99% APR, your monthly interest charge is about $96. If your minimum payment is $100, only $4 goes toward the actual balance. At that rate, it would take over 30 years to pay off the card and you’d pay over $11,000 in interest alone.

Strategies to Pay Off Credit Cards Faster

Even small increases in your monthly payment can dramatically reduce your payoff time. Use the comparison table in the calculator above to see how paying just 25% or 50% more each month changes your timeline. Beyond increasing payments, consider balance transfer cards with 0% introductory APR periods, which can save significant interest. You can also use the debt snowball or avalanche methods if you have multiple cards — our Debt Snowball Planner and Debt Avalanche Planner can help with that.

Frequently Asked Questions

What’s the minimum I should pay?

Always pay more than the minimum if you can. Minimum payments are typically 1-3% of your balance or $25, whichever is greater. They’re designed to keep you in debt longer, maximizing the interest the card issuer collects.

Should I pay off my highest-rate card first?

Mathematically, yes — this is the “avalanche method” and it saves you the most in interest. However, if you need motivational wins, the “snowball method” (paying off the smallest balance first) can keep you on track. Both are valid strategies.

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