Credit Card Payoff Calculator
Find out how long it will take to pay off your credit card and see the real cost of minimum payments.
Before you calculate
Assumes no new purchases and a constant APR. Fees, grace periods and different APRs for cash advances are excluded.
How Credit Card Payoff Is Calculated
Each month, interest is calculated on the remaining balance using your monthly rate (APR ÷ 12). Your payment first covers that interest, with the remainder reducing your principal.
Interest = Balance × (APR / 12)Example Scenarios
Pay more than the minimum
On a $5,000 balance at 20% APR, paying $200/month instead of the ~$100 minimum cuts payoff time nearly in half and saves hundreds in interest.
Effect of a balance transfer
Transferring $5,000 to a 0% APR card for 15 months and paying $333/month can eliminate the balance completely with zero interest—saving over $700 vs. keeping it at 20%.
Methodology & Assumptions
Calculations assume a fixed monthly payment and constant APR. Results do not include balance transfer fees, annual fees, or other card charges.
Sources & calculation notes
Maintained by MoneyCalc. Results are estimates based on the inputs and assumptions shown, not personalized financial advice or a lender quote. Default rates are examples unless a specific tax year or official table is identified.
References explain the underlying concepts or rules. They do not endorse or independently certify this implementation.
Calculations run in your browser. Some tools retain settings on this device. Displayed rounding can produce small differences from a statement or contract.