Credit Card Payoff Calculator
See how long it takes to clear a credit card balance and how much interest you will pay.
Why card debt takes so long to clear
Credit cards charge interest every month on what you still owe. If your payment is only slightly above the interest, almost none of it reduces the balance. Raising your payment even a little cuts the payoff time and total interest sharply.
Strategies that work
Pay more than the minimum, stop adding new purchases, and consider a 0% balance transfer card or a lower-rate personal loan. Pay off the highest-APR card first (the avalanche method) to save the most interest.
Worked example
Last reviewed November 2026. Formulas are standard and shown in the sections above; results are estimates.
Tips and common mistakes
- Ask your issuer for a lower APR, it works more often than people expect.
- Automate a fixed payment so it does not shrink as the balance drops.
- Avoid cash advances, they usually cost more.
Learn more
Frequently asked questions
Why does it say my payment is too low?
Your payment does not cover the monthly interest, so the debt would never shrink.
Does this include new purchases?
No. It assumes you stop using the card.
Minimum payment or fixed payment?
Minimum payments fall as the balance falls, which prolongs debt. A fixed payment is faster.
Money guides for this topic
All guides →How to Make a Budget in 5 Simple Steps
A beginner-friendly guide to building a monthly budget that you can actually stick to.
Read guide →Snowball vs Avalanche: The Math of Getting Out of Debt
Compare the two best debt payoff methods with real numbers and learn which one saves more money.
Read guide →Pay Off Debt or Invest? A Simple Way to Decide
Compare your debt interest rate with realistic after-tax investment returns to decide where extra money should go first.
Read guide →Related calculators
Debt-to-Income (DTI) Calculator
Calculate your debt-to-income ratio, the number lenders check before approving a loan.
Open calculator →Debt Payoff Planner (Snowball vs Avalanche)
Enter up to three debts and compare the avalanche method, the snowball method and paying only minimums.
Open calculator →Balance Transfer Calculator
Check whether moving a credit card balance to a 0% promo card saves money after the transfer fee.
Open calculator →Results are estimates and not financial advice.