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💳 Credit Card Payoff Calculator
See exactly how long it’ll take to wipe out your credit card debt — and how much paying more saves you.
Your debt
$
Check your statement — average US APR is ~22%.
Payoff plan
$
Payoff time
34
months (2.8 yrs)
Total interest paid
$1,750
on top of principal
Total paid
$6,750
principal + interest
💸 vs. paying only the minimum
You save
$6,928
in interest charges
And pay it off
103 mo (9 yrs)
faster
Balance over time
How This Tool Works
This calculator shows how long it will take to pay off a credit card balance and how much interest you will pay in total. Credit card interest compounds daily on the remaining balance, which is why minimum payments can keep you in debt for decades. By entering your balance, APR, and payment amount, you see the exact payoff timeline and total cost — plus how much faster you would be debt-free with slightly higher payments.
💡 Tips & Best Practices
- 1Paying even $50 extra per month can cut years off your payoff timeline and save thousands in interest.
- 2The average credit card APR in the US is around 22% — every month you carry a balance costs real money.
- 3Consider a balance transfer to a 0% APR card if you can pay it off within the promotional period.
- 4Always pay more than the minimum — minimum payments are designed to maximize the interest the issuer earns.
Frequently Asked Questions
How is credit card interest calculated?
Credit card interest is typically calculated daily using your Daily Periodic Rate (APR ÷ 365) multiplied by your average daily balance. This daily compounding means interest accrues on interest, which is why credit card debt grows so fast.
What happens if I only pay the minimum?
Minimum payments are usually 1–3% of the balance or a fixed amount (whichever is greater). Paying only the minimum on a $5,000 balance at 22% APR could take over 20 years to repay and cost $8,000+ in interest.
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