Credit Card Payoff Calculator
See how fast you can be debt-free.
Enter your numbers and press Calculate.
About the Credit Card Payoff Calculator
This calculator estimates how long it takes to clear a credit-card balance and the total interest paid, based on the balance, the APR, and either a fixed monthly payment or a target payoff timeline.
Credit-card interest typically compounds daily on the average balance, and paying only the minimum extends repayment for years because most of an early payment covers interest rather than principal.
How this works
n = −ln(1 − B·r/P) / ln(1 + r), r = APR/12
Assumptions
- The APR stays constant.
- You make the same payment every month.
- No new purchases are added to the balance.
Frequently asked questions
Why does paying the minimum take so long?
The minimum is often a small percentage of the balance. As the balance falls, so does the minimum, and interest keeps accruing, which stretches the timeline.
How is credit-card interest calculated?
Most cards use a daily periodic rate (APR divided by 365) applied to the balance each day, then summed over the billing cycle.
What is a grace period?
If you pay the statement balance in full by the due date, most cards charge no interest on new purchases. Carrying a balance usually removes the grace period until it is paid off.
This calculator provides estimates for educational purposes only and is not personalized financial advice. Rates, taxes, and financial products change — verify with providers and qualified professionals.