Credit Card Payoff Calculator
Enter your balance, interest rate and monthly payment to see when you'll be debt-free, or pick a target date to see the payment you'll need.
Your details
Result
Debt-free in
32 months
2 yr 8 mo
- Total interest
- 1,313.96
- Total paid
- 6,313.96
- Assumes no new spending on the card.
Good to know: Your payment must be higher than the monthly interest, or the balance will never fall.
Please note: Illustrative estimate based only on the numbers you enter. This is not financial, investment, tax or legal advice and not an offer of any product. Real products have fees, rate changes and rules this tool does not model. Check figures with your lender or a qualified, independent adviser before you decide.
About this tool
See how long a fixed monthly payment takes to clear a credit card balance, or the payment required to reach a payoff target — with total interest in both cases.
Formula
Fixed payment: months = −ln(1 − r·B÷P) ÷ ln(1+r). Target months: payment = B × r × (1+r)^n ÷ ((1+r)^n − 1), with r = APR ÷ 12 ÷ 100.
Reference values
- Payment must exceed the monthly interest
- Assumes no new spending
- Higher APRs drastically extend payoff time
Questions people ask
How is the payoff time calculated?
By applying the monthly interest to the balance, subtracting your payment, and repeating until the balance is zero.
Does this assume I stop spending on the card?
Yes. New purchases would add to the balance.
What is the fastest way to reduce interest?
Pay more than the minimum each month, and target the highest-rate balance first.
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How we calculate this
We use the standard published formula or definition for this calculation, and we show the working so you can check it.
Spotted a mistake? Tell us and we'll check it. How we check our calculators