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Free Credit Card Payoff Calculator

Enter your credit card balance, APR, and a fixed monthly payment to see exactly how many months and years it will take to reach a $0 balance, along with the total interest and total amount you will pay. It also warns you when a payment is too small to ever clear the debt.

Time to pay off
32 months
≈ 2 yr 8 mo
Total interest paid
$1,400.00
Total amount paid
$6,400.00

Assumes a fixed payment, a fixed APR, and no new charges. The final payment is usually a little smaller, so real interest may be a few dollars less.

Estimate only. This calculator provides estimates based on the values you enter and the formula shown. It is not financial advice and may not reflect every fee, tax, or lender requirement. Check figures with a qualified professional before making financial decisions.

Quick answer

With a fixed monthly payment, the number of months to pay off a credit card is months = ⌈ −ln(1 − B·i / P) ÷ ln(1 + i) ⌉, where B is the balance, P is the monthly payment, and i is the monthly interest rate (APR ÷ 100 ÷ 12). The payment must be larger than the first month's interest (B × i) or the balance never falls. Total interest is roughly P × months − B. For example, a $5,000 balance at 18% APR paid at $200/month is cleared in about 32 months with around $1,400 of interest.

Formula & method

The calculator converts the annual percentage rate (APR) to a monthly rate, i = APR ÷ 100 ÷ 12, because credit card interest is charged monthly. It first checks whether your monthly payment is larger than the first month's interest, B × i; if it is not, the balance never shrinks and the tool tells you the payment is too small. When the payment is large enough, it solves the amortization equation for the number of payments, months = ⌈ −ln(1 − B·i / P) ÷ ln(1 + i) ⌉, rounding up because you cannot make a partial final payment. Total amount paid is the monthly payment times the number of months, and total interest is that figure minus the original balance. Because the very last payment is usually smaller than a full payment, real interest is typically a few dollars below this estimate. Everything runs in your browser; no data is sent anywhere.

Examples

Example 1: $5,000 at 18% APR, $200/month
Input
Balance $5,000, APR 18%, payment $200
Result
32 months (2 yr 8 mo), about $1,400 interest, $6,400 total
Why
Monthly rate i = 18 ÷ 100 ÷ 12 = 0.015. months = ⌈ −ln(1 − 5000·0.015 / 200) ÷ ln(1.015) ⌉ = ⌈31.57⌉ = 32. Total paid = 200 × 32 = $6,400, so interest = 6,400 − 5,000 = $1,400.
Example 2: $3,000 at 22% APR, $150/month
Input
Balance $3,000, APR 22%, payment $150
Result
26 months (2 yr 2 mo), about $900 interest, $3,900 total
Why
i = 22 ÷ 1200 = 0.0183333. months = ⌈ −ln(1 − 3000·0.0183333 / 150) ÷ ln(1.0183333) ⌉ = ⌈25.14⌉ = 26. Total paid = 150 × 26 = $3,900, interest = 3,900 − 3,000 = $900.
Example 3: $10,000 at 15% APR, $250/month
Input
Balance $10,000, APR 15%, payment $250
Result
56 months (4 yr 8 mo), about $4,000 interest, $14,000 total
Why
i = 15 ÷ 1200 = 0.0125. months = ⌈ −ln(1 − 10000·0.0125 / 250) ÷ ln(1.0125) ⌉ = ⌈55.80⌉ = 56. Total paid = 250 × 56 = $14,000, interest = 14,000 − 10,000 = $4,000.
Example 4: Payment too small — never pays off
Input
Balance $5,000, APR 24%, payment $90
Result
Never paid off (warning shown)
Why
First-month interest = 5,000 × (24 ÷ 1200) = 5,000 × 0.02 = $100. A $90 payment is less than the $100 of interest, so the balance grows instead of falling. The calculator flags this and asks for a payment above $100.

When to use this tool

  • You want to know how many months a fixed monthly payment will take to clear a single credit card balance.
  • You are comparing two payment amounts to see how much interest and time a larger payment saves.
  • You want to check whether a proposed payment is actually big enough to make a dent before the balance can ever reach zero.
  • You are budgeting a payoff plan and need a realistic total cost, including interest, for one card.

Common mistakes

  • Paying less than the monthly interest. If your payment does not exceed the balance times the monthly rate (B × i), the balance never goes down — many minimum payments are barely above this line, which is why debt lingers for decades.
  • Entering the APR as a monthly rate. Type the yearly APR (for example 18, not 1.5); the tool divides by 12 for you.
  • Assuming new purchases are free. This math assumes you stop charging to the card. Every new purchase resets the clock and adds more interest.
  • Confusing APR with APY. Credit cards quote APR; because interest compounds monthly, the effective annual cost is slightly higher than the stated APR.
  • Treating the result as exact. The final payment is usually smaller than a full payment, so the true total interest is typically a few dollars less than the estimate.

Frequently asked questions

How is the payoff time calculated?

The tool converts your APR to a monthly rate (APR ÷ 12 ÷ 100) and solves the amortization formula months = ⌈ −ln(1 − balance × i ÷ payment) ÷ ln(1 + i) ⌉, rounding up to a whole month because you cannot make a fractional final payment.

Why does it say my card will never be paid off?

If your monthly payment is not larger than the first month's interest (balance × monthly rate), the interest charged each month is at least as big as your payment, so the balance never falls. Raise the payment above that interest amount to start making progress.

Is the total interest figure exact?

It is a close estimate. The tool assumes every payment is the full amount, but in practice the last payment is smaller, so your actual interest is usually a few dollars less than shown. It also assumes a fixed APR and no new charges.

What's the difference between APR and the monthly interest rate?

APR is the annual percentage rate the card quotes. Credit cards charge interest monthly, so the monthly rate is APR ÷ 12. An 18% APR means a monthly rate of 1.5%, applied to your balance each statement period.

Does paying more than the minimum really help that much?

Yes. Because interest is charged on the remaining balance, a higher fixed payment clears the balance faster and dramatically cuts total interest. Doubling a payment often cuts both the time and the interest by far more than half.

What if my card charges 0% APR?

With a 0% promotional rate the math is simply balance ÷ payment, rounded up to the next whole month, and you pay no interest as long as the rate stays at zero. This tool handles a 0% APR correctly.

Does this account for new purchases or fees?

No. The calculation assumes you stop using the card and that there are no annual fees, late fees, or cash-advance charges. New spending adds to the balance and lengthens the payoff time.

Sources & references

External references open in a new tab. We are independent and not affiliated with these organizations.

Disclaimer

This calculator provides estimates based on the values you enter and the formula shown. It is not financial advice and may not reflect every fee, tax, or lender requirement. Check figures with a qualified professional before making financial decisions.

  • ✓ Free to use
  • ✓ No sign-up required
  • ✓ Runs entirely in your browser — nothing is uploaded.
  • ✓ Formula and method shown above
Last updated: How we calculateReport a correctionDisclaimer

Provided “as is” for general information only — results may be inaccurate, so verify before you rely on them. No warranty; use at your own risk.

Built and reviewed by HIFreeTools against the formula shown above and any authoritative references cited on this page. See our methodology and editorial standards.

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