How to use this credit card payoff calculator
- Card balance: the amount you owe today. You'll find it on your latest statement or in your card's app.
- APR: your card's purchase APR, also on the statement. If you have a promotional rate, use that and remember when it ends.
- Choose how to pay it off:
- A fixed monthly payment: see how many months it takes, your debt-free date and the total interest.
- A set number of months: see the monthly payment you need to be debt-free by then.
The results show the totals and a year-by-year schedule. Open any year to see each payment split between interest and balance.
How credit card payoff is calculated
Each month, interest is charged on what you still owe, and your payment covers that interest first. Only the rest of the payment reduces your balance.
Worked example
As the balance falls, less of each payment goes to interest and more goes to the balance, so progress speeds up in the later months.
How much difference a bigger payment makes
Here is the same $6,000 balance at 22.99% APR with different fixed payments:
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $150 | 77 months | $5,492.03 |
| $200 | 46 months | $3,011.81 |
| $300 | 26 months | $1,638.67 |
| $400 | 18 months | $1,141.68 |
| $500 | 14 months | $883.72 |
Going from $150 to $300 a month cuts more than four years off the payoff and saves more than $3,800 in interest. If you prefer to work from a deadline, choose the "set time" option: clearing this balance in 24 months takes $314.21 a month, and in 36 months $232.23.
When a payment is too low
If your payment is less than or equal to the interest charged each month, the balance never goes down. In the example above, the first month's interest is $114.95, so a $100 payment would never pay the card off. The calculator shows a warning instead of an endless result. Payments only slightly above the interest technically work, but can take decades, which is why paying well above the interest matters.
Tips to pay off credit card debt faster
- Pay a fixed amount, not the minimum. Set up an automatic payment for the same amount every month.
- Stop adding to the balance. Use a debit card or cash while you pay the card down.
- Ask for a lower APR. Some issuers will reduce the rate for customers with a good payment history; it costs nothing to ask.
- Consider a 0% balance transfer. Compare the transfer fee with the interest you'd save, and plan to pay it off before the offer ends.
- Put windfalls toward the card. Tax refunds and bonuses applied to a high-APR balance save interest every following month.
- Have more than one card? Use our debt snowball vs avalanche calculator to decide which to pay first.
Paying off more than one card
If you have balances on several cards, keep paying at least the minimum on every card so you avoid late fees, then put any extra money toward one card at a time. Paying the highest APR first saves the most interest; paying the smallest balance first gives quicker wins. Our debt snowball vs avalanche calculator compares both for your own cards.
How paying down a card affects your credit
Credit scoring models consider how much of your available credit you're using, often called your credit utilization. As your balances fall, your utilization falls too, which can help your score over time. Keeping the account open after you pay it off keeps that credit limit available, although a card with an annual fee you don't want may be worth closing. Making every payment on time matters most of all.
What this calculator doesn't include
The calculator assumes a fixed APR, no new purchases, no fees and that each payment arrives on time. Real card interest is usually calculated on your average daily balance, and late payments can trigger fees or a higher penalty APR. Promotional rates also change when they expire. Use the result as a plan, and check your statement each month to see your actual progress.