See how long it will take to pay off a credit card balance and how much interest it will cost, based on your APR and a fixed monthly payment.
Months to payoff = log(payment ÷ (payment − balance × monthly rate)) ÷ log(1 + monthly rate), where monthly rate = APR ÷ 12 ÷ 100.
Credit cards use compounding interest, so a large share of every payment against a high-APR balance goes toward interest rather than principal — especially early on, when the balance (and therefore the interest charge) is highest.
Where B is the balance, r is the monthly interest rate, P is the fixed monthly payment, and n is the number of months to pay it off.
| Balance | APR | Monthly payment | Approx. payoff time |
|---|---|---|---|
| $3,000 | 20% | $150 | ~23 months |
| $5,000 | 24% | $200 | ~32 months |
| $10,000 | 22% | $300 | ~48 months |
How long will it take to pay off my credit card? It depends on your balance, APR, and monthly payment — this calculator uses the standard amortization formula to find the number of months it will take at a fixed payment.
Why does my minimum payment barely reduce my balance? Minimum payments are often set just above the monthly interest charge, so most of each payment covers interest rather than principal, which is why balances can take years to clear.
What happens if my payment is less than the monthly interest? The balance will never be paid off and will actually grow over time, since interest is being added faster than you're paying it down.
How much does raising my monthly payment actually help? Even a modest increase can cut both the payoff time and the total interest significantly, because more of each extra dollar goes straight to principal.
Does this calculator account for new purchases? No — it assumes a fixed starting balance and a fixed monthly payment with no new charges added, which keeps the math straightforward for planning purposes.
How much total interest will I pay on my credit card? Multiply the fixed monthly payment by the number of months to payoff, then subtract the starting balance — this calculator shows both the months and the total interest automatically.
Is there a credit card payoff calculator with extra payments? Yes — enter your regular payment plus the extra amount as the monthly payment, then compare the resulting payoff time and interest against your normal payment amount.
How do I pay off $5,000 in credit card debt fast? Raise the monthly payment figure and compare results — at 22% APR, going from $150 to $250 a month can cut years off the payoff time and save substantial interest.
Example 1 — Small balance, aggressive payment: $2,000 at 19.99% APR, paying $200/month → about 11 months to payoff, roughly $185 total interest.
Example 2 — Typical balance, minimum-plus payment: $4,500 at 24.99% APR, paying $150/month → about 45 months to payoff, roughly $2,240 total interest — far more than the balance itself.
Example 3 — Same balance, higher payment: The same $4,500 at 24.99% APR, but at $300/month instead → about 18 months to payoff, roughly $760 total interest, saving nearly $1,500 versus Example 2.