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Credit Card Payoff Calculator
Enter your balance, the card’s interest rate and what you pay each month. You get the payoff time, the interest cost and the payment needed to finish by a set date.
| Pay it off in | Monthly payment | Total interest |
|---|---|---|
| 1 year | $561.57 | $738.80 |
| 2 years | $311.27 | $1,470.45 |
| 3 years | $229.14 | $2,249.14 |
| 5 years | $165.71 | $3,942.81 |
Example
Paying $200 a month on a $6,000 balance at 22% takes 3 years 8 months and costs $2,790.68 in interest, assuming you add no new spending to the card.
How the credit card payoff calculator works
Each month the card charges interest on the balance, roughly the APR divided by twelve. Your payment covers that interest first, and only the remainder reduces what you owe.
When the payment is close to the monthly interest, almost nothing goes to the balance and the debt lasts for years. If the payment is lower than the interest, the balance grows.
The table shows the fixed payment that clears the balance in one, two, three and five years, so you can pick a target that fits your budget.
Common questions
Why does paying the minimum take so long?
Minimum payments are usually a small percentage of the balance, so they shrink as the balance shrinks. Most of each payment goes to interest. A fixed payment above the minimum ends the debt much sooner.
Which card should I pay first?
Paying the card with the highest interest rate first costs the least overall. Paying the smallest balance first gives a quicker win, which some people find easier to stick with.
Does the calculator include new purchases or fees?
No. It assumes you stop using the card and pay the same amount every month. New purchases, late fees and annual fees would lengthen the payoff.