$5,000 at 22% APR, paying $200 a month.
The formula gives 33.75 months, so it takes 34 months to pay off, almost three years. You'll pay $1,749.90 in interest, $6,749.90 in total.
Credit Card Payoff Calculator
See how long it takes to pay off a credit card, or the payment that clears it by your date.
Results
Enter your numbers to see the results.
- Months to payoff
- Payoff month
- Payment applied
- Last month's payment
- Interest paid
- Total paid
| Month | Payment | Interest | Principal | Balance |
|---|
Estimates only. This isn't financial advice. Card issuers figure interest on your average daily balance, and new purchases, fees or rate changes will change the result.
Enter your balance, APR and what you can pay each month to see how many months it takes, the date you'll be done, the total interest and a month-by-month schedule. Or set a goal, like debt-free in two years, and get the monthly payment that gets you there.
How to use it
- Enter your current balance and the card's APR (it's on your statement).
- Choose a mode:
- Fixed payment: enter what you'll pay each month.
- Target date: enter how many months you want it to take.
- Optionally, add a one-time extra payment, like a tax refund or bonus, or a recurring extra amount.
- Read the months to payoff, payoff date, total interest and total paid, and scroll through the schedule.
Stop adding new charges to the card while you pay it down. The calculator assumes the balance only goes down.
How it works
Each month, interest (APR ÷ 12) is added and your payment is taken off, until the balance reaches zero. If your payment doesn't cover a month's interest, rounded to the cent, the balance never goes down, and the calculator warns you. As a safety stop, the schedule ends at 1,200 months (100 years).
- Months to payoff = −ln(1 − r × balance ÷ payment) ÷ ln(1 + r), where r = APR ÷ 12. The months shown come from a month-by-month run that rounds interest to the cent, so it's closer to a real statement.
- Target payment = balance × r ÷ (1 − (1 + r)^−months).
Worked examples
The interest-only trap.
At 22%, a month's interest on $5,000 is $91.67, rounded to the cent. Pay $91.67 or less and the balance never goes down. The calculator flags this: this payment never pays off the balance. Minimum payments are often only a little above this line, which is why minimum-only payoff takes so long.
Debt-free by a date.
To clear the same $5,000 in 24 months, pay $259.40 a month. Allowing 36 months drops it to $190.96, but you pay more interest along the way.
A bigger, higher-rate balance.
$12,000 at 27.99% with $400 a month takes 53 months and $8,872.97 in interest. Paying $500 instead finishes in 36 months with $5,794.74 in interest, which saves $3,078.23 and 17 months.
What your payment does to $5,000 at 22% APR
| Monthly payment | Months to pay off | Total interest |
|---|---|---|
| $100 | 137 | $8,678.34 |
| $125 | 73 | $4,094.59 |
| $150 | 52 | $2,798.09 |
| $200 | 34 | $1,749.90 |
| $250 | 26 | $1,285.71 |
| $300 | 21 | $1,021.61 |
| $400 | 15 | $731.62 |
Going from $100 to $150 a month cuts more than seven years off the payoff and saves about $5,880 in interest.
Payment needed to be debt-free by a target
$5,000 at 22% APR. Interest is approximate, from the payment formula.
| Pay off in | Monthly payment | Approximate interest |
|---|---|---|
| 12 months | $467.98 | $616 |
| 24 months | $259.40 | $1,225 |
| 36 months | $190.96 | $1,874 |
| 48 months | $157.53 | $2,561 |
| 60 months | $138.10 | $3,285 |
Ways to pay it off faster
- Even a small fixed amount above the minimum makes a big difference, as the table shows.
- Throw windfalls at the balance. Add them as a one-time extra payment to see the effect.
- Ask your issuer for a lower rate, especially if you've paid on time for a while.
- If you have several cards, put extra money toward the highest APR first (the avalanche method) or the smallest balance first (the snowball method).
FAQ
How long will it take to pay off my credit card?
It depends on the balance, APR and payment. $5,000 at 22% takes 34 months at $200 a month, and 137 months at $100.
How is credit card interest calculated?
Most issuers apply a daily rate, based on your APR, to your average daily balance through the billing cycle. This calculator uses the simpler monthly version (APR ÷ 12), which is close for planning.
What happens if I only pay the minimum?
Most of the payment goes to interest, so payoff can take many years. If your payment doesn't cover a month's interest, the balance never goes down.
How much should I pay to be debt-free in two years?
Use target mode. For $5,000 at 22%, it's $259.40 a month for 24 months.
Do extra payments really help?
Yes. Every extra dollar goes straight to principal, which cuts the interest charged the next month and every month after.
Should I use a HELOC or personal loan to pay off cards?
A lower rate can save money, but it only helps if you stop adding to the cards, and a HELOC puts your home on the line. Compare payments with the HELOC Calculator.